回复：什么生意比赔本更糟糕?

Hold the losing position and continue losing more.
 

I don't mean this choice will make you losing more; I just want to make the point that any decision has pros and cons; the decision to "to cont holding" has risk too.

My suggestion is to do some research and  decide how long you would like to hold the house based on your family info; if you may stay for 10+ years it may worth to do refi to lock the rate for 10 years; if it I less than 5 years, then you should bet on the current low HELOC rate; after your current HELOC rate expires, you'll cont having the HELCO but with higher rate (then market rate).