Heloc or not? disadvantages

[Drew Slew]

Theres a lot of HELOC threads, quick q: condo from 150k now is around 220k, second home, BoA seems to offer HELOC for it, could potentially take out 50-60k at 5-6% interest, first 12 months lower interest. Payments seem much less than credit card, student loan payments, and id use it also to purchase another property - w cash savings pooled together.

Any ideas on why I shouldnt do it, or do cash out refi etc? Condo is on great 30yr interest at 3.6%

- non payment of monthly 350-400/m HELOC would cost wont be an issue

- understand its a 2nd lien on the property and bank can foreclose on me

- understand its variable interest rate, but how high will it really go one day? over 10% interest?