Thats what I did a few years back...I had just started as a contractor so my employment history was limited.
My broker couldn't get a mortgage with a decent interest rate so she looked at a HELOC instead.
I can pay what I want monthly above the min payment without penalties and if needed withdraw at will for renos, bills, Hookers & Blow..etc...
Just treat it like a mortgage and not a bank account and you will be fine.
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