Establishing a HELOC on primary residence for future investments

[Jeremy Roberts]

I've seen much debate over the true value of a HELOC, but my wife and I went ahead and turned our mortgage into a first position HELOC. Not only do we already have $14k at our fingertips, but we were offered the entire amount at 3.2% fixed for the first year shifting to less that prime rate after that. The payments are $500 month less (mostly due to lack of escrow) than before and we have access to draw on it for 10 years. Are there any recent success stories out there using this strategy?