In a medium saucepan over low heat, combine the cheddar cheese, Monterey Jack cheese, and cornstarch. Toss gently until the cornstarch evenly coats the cheese.

Gradually add the evaporated milk and hot sauce to the saucepan. Stir consistently over low heat until all the cheese is melted and the mixture is smooth.

Continue to stir until the sauce begins to bubble and thicken to your desired consistency, about 5 minutes.

If the cheese sauce has thickened too much, stir in a splash more evaporated milk until you achieve a perfectly dippable consistency.

Serve immediately while hot and creamy with tortilla chips or your favorite dippers.