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Thanks for the advise.

>>If I were in your situation, though, I'd put my Roth investment in a money market investment, so that if by some reason I was unable to pay the mortgage back, I would be assured of being able to withdraw my principal to pay off the line.<<

I already have a 3K CD for use in emergencies, and have every reason to expect I can pay the equity line back.

>>If you do take out the loan, you are going to have to decrease your spending so you can pay:
- interest on the loan (around $80/month until you get the principal down)
- principal on the loan (however fast you want)
and so you can save money for your:
- 2002 IRA contribution (you have about 1 year left to make the $3000 contribution)
- 2003 IRA contribution (make the $3000 contribution as early as possible after 1/1/03)

The draw should only add about $90/yr to the interest burden, but I agree and intend to pay of the principal by end of summer. I am saving elsewhere off paycheck to generate the '02 contribution.

>>A question to ask yourself: If you had contributed the $2000 from savings to the Roth, would you have then taken money from your HELOC to pay for a trip to disney world? <<

No, but I would probably put it on a credit card with a 6 month 0.0% introductory rate. The Spring Training trip (Braves) is the only vacation pleasure I get each year. But your point is a good one - a vacation is not a foolish thing for which to draw on an equity line.

Thanks again.
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