Yes, we do. We had to get it, because when we were selling our first house, we needed it as a 'bridge' loan. OUr first house was paid off, but was not selling. Since all our $ was tied up in our house which took 6 mos. to sell, we had to take out a home equity line to put a hefty down payment on our 2nd house. It was a lifesaver for us.

That said, now it is getting a little crazy. We paid it all off when our house sold...BUT, racked it up again. It is just way too easy to put $ on it peicemeal. We have about 16K on it, and are planning on taking $ elsewhere to really take a chunk out of it. Problem is, the $ we are making on that other source is more than the interest we are paying on the loan. If we take $ out to pay the equity line it will become taxable income, and we will get hit with a doozy of a tax bill. So we are kind of stuck....

yes we do, we took it out when we bought our house so we could come up with the 20% down payment, we did 10-10-80 loan and that way we dont have to pay PMI.

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We buy things we dont need,
with money we dont have,
in order to impress people
we dont like?
(Ramsey, D)

we had a 2nd mortgage about 7 years ago we needed 24 new windows a new roof and siding. at a grand total of 30,000 since that time we refinanced the 2 into one since our equity shot way up and we now only have our one mortgage it worked for us at the time but we have no plans to take out a line of credit or 2nd again we are just digging out of our cc debt as best we can and if we need to improve something we save up first.

Yes we took out a home equity loan for 18,00 and have had it for 14 months and stil owe like almost eight years on it. We owe 26 more years on the house. Our house was a new construction when we first bought it and we used the money to install hardwood floors, finish the basement into a media room and play room for the kids and we bought a plasma tv and bose surrond sound system and all the stupid man toy stuff. I dont regret it on bit. If we were to sell our house right now we would make about 50,000 on it after we paid the mortgage off and home equity. We live outside of atlanta and the neighborhoods are growing like wildfire. Best financial decsion we have made so far.