Can I choose not to use my HELOC (just save it for emergencies)?

Yes. You do not have to use your HELOC; because it is a credit line you will not be charged interest when you have not made a withdrawal.

However, some HELOC lenders charge an inactivity fee or require a minimum draw. Ask your lender about the terms on your specific loan.

See: How to Get the Best HELOC Rates and Terms