There are some good reasons to get a home equity line of credit. However keep in mind that this is still a debt and so there will still be a payment to pay it back and interest being charged, so you will be going into debt.

With this said, here are a few good reasons that it would be a good idea to get a home equity line of credit

1. If you have several bills with high interest rate payments. If the high interest payments are making it very difficult for you to maintain your budget on a consistent basis, then a home equity line of credit can make it so that you can pay off those bills. The reason this is a good idea to get a home equity line of credit is because you will save money overall on the interest you would be paying to those other bills. The best way to take the money you saved from the interest you are not paying is to take that money and pay larger payments on the home equity line of credit.
2. If you have a need for a lump sum of money due to a home repair that is imperative to the living ability of the home. Then the home equity line of credit may be a good idea. It is something that is necessary, however it will cost you money over time, therefore you will be paying another bill. So use caution when deciding if it is a need or a want. Then decide if you can afford to pay another bill for the things you want. There are often times people take out a $20,000 home equity line of credit, and do cosmetic repairs on their homes, then find out that they are paying an additional bill of $150 per month for that loan. This may make life a little more comfortable with the appearance of the home. However the cost may not be worth the benefit.
3. If there is an investment that will save or make you money in the long run, people often times will take out a home equity line of credit for this. The idea is good in most cases as long as the benefits happen. This means that if the investment ends up failing, the payment will still need to be made. Therefore it needs to be planned out to have that payment paid even if the money does not come in from the investment.

A home equity line of credit has many benefits. The main benefit is that the interest rates are lower. This is because there is collateral that is securing the loan. The next benefit is that you have time to use the money, and you do not have to use it all. There are also good tax benefits to taking out a home equity loan.

Overall with a good reason the home equity line of credit can be a good idea. It all depends on what your financial goals are.