Answer: -Good if you dont blow it on something stupid. Good if you want to use it to get out of debt. Bad if you buy material things that dont offer a return on investment. I took one out on my home to pay off my credit cards, and I made sure to pay it off as soon as I was able. I just sold my condo and as a result, took away a nice profit because I didn't owe anythign on my HELOC. -If you manage it properly, home equity credit is considered good debt. The reason is that, unlike regular credit card consumer debt, a portion of the interest can be written off in taxes, thereby reducing your taxable income. -It depends on your need. It's good that you have the option to borrow money. It's bad if the interest rate is adjustable and high and if you don't plan to pay back soon. If you know the amount you need to borrow, also consider the fixed rate home equity loan, which gives you cash upfront and payment schedule. I ended up refinancing the whole mortgage after considering all options because the rate and monthly payment were the lowest doing so. -Has its effective time to be used but your question leaves no details to compare. Based on therlimited information provided I will say bad rather than give a thumbs up on a situation I am not aware of. -Be VERY wary of home equity lines of credit. Most people telling you that these loans are good are actually in the business of doing loans.The tax deductability of mortage debt is great if you are a careful manager of your personal finances, since interest on car loans and credit cards is not tax deductible. However, the reality is that most people use equity lines to pay off credit card debt (or buy luxury items they dont really need) and only get deeper into debt since they charge to the cards again or even borrow more than their house is worth.More importantly, if you live in a state such as Florida, where your homestead is protected in case of bankruptcy, you are spending equity that otherwise will be shielded from unsecured creditors (credit cards, for example). TALK TO A GOOD ATTORNEY if the reason for your question is financial difficulties.BE WARY AND CAREFUL. Most of us are unable to properly manage equity lines.