Depends on how you look at it. Don't know the guys specific situation, but MAYBE he already has six months of living expenses. He would STILL need SIX more months of money.

Besides, a HELOC is usually very low interest The finance charges you will pay on the debt are very low. I'm not sure about all of them, but mine was interest only, and the it's tax deductible. Not saying it's a good idea to ONLY pay your interest and no principle. But, if you have a lean month and can't afford to knock down the balance, you can still make the payment and not take a credit score hit. Way better than high interest revolving credit card debt.

From personal experience, if you are going to go with the HELOC route. Start applying BEFORE you take the pay hit and your income to debt ratio is better. It can be difficult to qualify AFTER you have taken the cut if they are requesting you most recent pay stub.