I just took out a HELOC on my house for $40k. I used it to finish my basement and build a 40x32 garage. The monthly payments (interest only) are cheap at around $200. I plan on having it paid off in 4 years by using my tax returns and an additional 3k/year. I am not sure I would use it to buy toys unless the deal was too good to pass up. I will however keep it open when it is paid off because my son will be starting college in 6 years so if he needs help with anything the money will be there for emergencies.
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