Well, consider that rates for equity lines are Prime + a bit so they hover right around prime, depending on your credit.
If you have a decent amount of equity in your home, it may be worth it. Many lenders will only lend you 70, 80 or 100% of LTV ratio, so if your house hasn't appreciated much, you may not qualify.
There are interest only loans out there but with prime interest rate right now being 7.25% (fairly high), many people are not qualifying. The best way to do it is to research a few lenders (BofA has an equity calculator on their site where you enter your address and it tells you the value) which is handy to see what it would be vs what you owe. There are a lot of big bank lenders that have good information on HELOCs and Equity Loans (two different things). Your best bet is to check those out then call some, do everything short of giving your SSN (for the credit check) until you know you want your credit checked. If you do several in a few day period, it all gets looked at as one inquiry (shopping around is ok to a point)
Lots of private law loans are all prime + XX depending on your credit so an equity line may or may not be the best way to go.