HELOC stands for Home Equity Line Of Credit. It is a quick and easy way to tap into the equity in your home at a fairly low interest rate. It is also a quick and easy way to get into financial trouble, too.
No, debt-free is the way to be. If you are thinking of getting a HELOC, think about why you are doing this and whether there are other ways to pay for what you are borrowing money for. Because it is not a "smart" loan, but just another debt that has to be paid back.