Home-equity offer may be unnecessary

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DEAR BOB: Recently I received an unsolicited letter from my bank offering me a "pre-approved" $100,000 home-equity credit line at no cost for the first year. After that, there is a $50 annual fee. I have about $250,000 equity in my home. Although I don't need any money, as my wife and I have plenty of liquid investments, it would be nice to have a home-equity credit line, with its checkbook sitting in the drawer. The interest rate is at the prime rate. Should we accept this offer? – Derek D. DEAR DEREK: That's a no-brainer. Yes. Accept that home-equity credit line. You never know when you might need quick cash, which you will be able to obtain just by writing a check. Purchase Bob Bruss reports online. Personally, I have home-equity credit lines on both my principal residence and a second home. It's a nice feeling to know I can write a check to tap into those credit lines at the very affordable prime interest rate. Smart bankers realize home-equity credit lines are the safes...