Tapping into your equity, before its gone?

(Please practice responsible borrowing and financial planning, I am not suggesting irresponsible borrowing)

Just a thought, with the way the market is going and the valuations of homes possibly falling. I think it would be a wise idea to tap into the equity (no out of pocket closing costs) that is still available, and put this newly opened Line of Credit on the back burner, just in case. These Lines of Credit are still easily obtainable (and at no cost). You never know when you might need it and its easier to get money when you don't need it, then when things are tightening up.

I am suggecting this as a tool to supplement what you might have available as equity in the property. 90% Loan to value is the maximum that I am familiar with.