Hmmm,,,,,, it can be tricky getting the tax beneift from a home equity line of credit as opposed to a classic mortgage (1st or 2nd). Maybe it depends on how it is set up?
As my house was paid for all ready I took a minimal line of credit that did not require the classic appraisal, no closing costs etc. Real simple, BUT, I get no tax advantage unless I go to a classic first mortgage thing.
Hope "Lew the Tax man" recovers from his crash soon, we need him!
Ernie