Toss the shredded cheese and cornstarch together in a saucepan.

Add all other ingredients and cook over medium heat, whisking often until the cheese is melted and smooth.

Adjust to taste with extra hot sauce and salt if required.

While hot, it will have a sauce-like consistency, perfect for pouring over nachos.

As it cools, it will thicken and become dip-like. Whisk occasionally to mix in the skin that forms on top.

Stir in additional evaporated milk to achieve the desired consistency if using as a pourable sauce.