HELOCs (home equity lines of credit) are still available; though, you might not know that from listening to the news or reading the paper.

Yes, there have been clampdowns! Quite a few lenders have cut back limits on HELOCs, closed accounts, or frozen accounts. Of course, if you're one of the 122,000 borrowers Countrywide shut down, you might have quite a different view of this story! USAAs decisions have affected 15,000. (Money, May, 2008, p. 26)

However, if you are not over-leveraged, you may still be able to open an account. (On the other hand, if you are over-leveraged, you probably should not be opening a line of credit.)

So, what are the new numbers? A year ago, 2007. Wells Fargo, BofA and Chase would lend to 100% the value of the home In 2008, that limit could be reduced to 60% of the value (LTV). For a $100,000 home without a mortgage, a borrower could get $60,000-$90,000, depending upon the lender.  If the $100,000 house has a $75,000 mortgage on it, you may not be able to get a HELOC at all. If you can secure on, it will probably be limited to $15,000.

Fortunately for customers of Let your Mortgage Make You Rich! a large HELOC is not necessary for cutting your mortgage interest in half. In fact, while the guidebook suggests getting the largest line you can qualify for, it also recommends using an amount roughly equal to one month's take-home pay.

Take a look at this money-saving technique of paying your mortgage in about one third the time.

Or at least stay in touch through my infrequent reports: