That's the point: I wouldn't gain any money by not taking the loan either. I gained the "money" (wealth, really) by my house appreciating in value. Anyway I'm n

That's the point: I wouldn't gain any money by not taking the loan either. I gained the "money" (wealth, really) by my house appreciating in value. Anyway I'm not advocating that everybody borrow against every shred of equity in their house, just noting that this temptation exists. If my house is worth more suddenly, my spending can increase suddenly, without my even having to move. Whether or not this is wise is a separate discussion.