WatchCalifornians are not the only experts on HELOC abuse. How about re-mortgage 11 times like this politician.
This Canadian opposition party leader, Thomas Mulcair, bought a house for $65k and got a $56k mortgage in 1983. He then re-mortgage obtained loans in higher amount in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009.
In January 2009, he re-financed the home for the 11th time. He took out a $300,000 mortgage with the Royal Bank of Canada and then paid off the previous $249,000 mortgage from three years earlier.