The main question you need to ask yourself is: "What would I do with the money?"

If the answer is that you would purchase a new car, go on lavish vacations, and just simply spend, spend, spend, then the answer is no, you probably shouldn't touch the equity in your home.

If the answer is that you would like to take equity out of your home to reinvest and make more money, then that's certainly a viable option. HELOCs can be a great tool for building additional wealth, especially through real estate.

I recently utilized a HELOC myself when purchasing/renovating an investment property, and I have no regrets. The new equity I created by purchasing and fixing up the house far exceeded the amount of HELOC I withdrew. Not to mention, it's a good cash-flowing property.