Originally Posted by ultraman
There is a great loan that Gary links from his Free Frequent Flyer site. Chase is offering "Earn 4,250 miles for every $10,000 financed". I am in the process of completing my loan and will keep you posted but this is what they have told me. The loan application took 15 minutes the appraiser took an hour.
No Points, No Fees, and first year Admin cost ($75/yr) is waived. Interest rate is Prime for loans under $200K and Prime +1/4% for loans from $200K-$500K.
What ever I initially fund with the Equity line will determine my United Miles and I can then pay down the loan. I am not concerned about rates going up because I am paying off the loan after it funds.
Due to lots of equity I am getting the maximum loan for $500K and will get 211,500 miles and pay the loan off the after it funds. The loan agent said that I can then borrow on my rental with the same terms and interest rates. As long as you start the loan process by July 31st you will receive the bonus miles (4250 per $10K borrowed vs 1250 per $10K borrowed)
With the two loans my interest cost will be ~ $600 and I will receive 425,000 United Plus miles.
Anyone with equity in their home or rental should take advantage of this offer.
http://www.united.com/page/article/0,6722,50776,00.html 
Good if you don't need the money. But I would recommend you visit the finance section of fatwallet. There are some threads there about taking HELOC for low rates and then putting the money in CDs and making money due to the interest differential. The discussion mentioned some thing like 10-20K over a period of 5 years with 200K loan. Interest rates may have changed since then, but still worth looking into and sure will beat 500K united miles which is probably worth five grand.(Well in my poor economy travel sense)
Just my 2 cents...
Prasad