Does anyone here have one? If so, did you get it from your mortgage company or elsewhere?

I've never had one, but my credit union offers two different types - a traditional loan with fixed rates and terms, and a line of credit with adjustable rates tied to the prime rate. Some banks don't charge fees or closing costs. Make sure you take out enough to cover future knife and flashlight costs. <img src="/images/graemlins/grin.gif" alt="" />

Craig:

A good piece of advice I have heard for these uncertain times is if the reason for borrowing a line of credit on your home is not going to make more money for you than the interest you have to pay, "DO NOT BORROW AGAINST YOUR HOUSE".

Good luck!

Bountyhunter

And you are exactly correct, provided you have difficulty paying back loans, have a less than excellent credit history, or other problems managing debt.

My reasoning is, many financial sites counsel obtaining not a loan, but a line of credit as a hedge against, say, a layoff. I'm not expecting that, but then again, I didn't expect the last one, either. The line of credit is something you get approved for and then use only if you must.

If you're curious, visit The Motley Fool . They're very straightforward about these things.

Just got one, from our local, small county bank. We own our home outright, needed funds to buy a used RV that is going to be our home for the next two years or so, then used a about six-eight months out of the year after that. We also have a home that we are paying for and renting to a daughter. Got the fixed rate loan, plus a deal they have where you only pay the interest on the loan for up to ten years. That keeps our montly payments very low, and in about 17 months we are kicking the daughter out, selling the other home, paying off the loan, then owning our primary residence outright again.

The loan was VERY easy to get, since we were borrowing much less than the value of out home...

Remember you can do tax deductions on mortgages and lines of credit - talk to your accountant about it!

Rena