currently have a good rate on a first mortgage a Heloc is probably your best option. You should be able to find a no cost option. Rates should be low for a while. You can aggressively pay it down and use it like a reverse savings account. I personally love Helocs. If your first mortgage is over 5% then a cash out refi may make sense. I would still do a rate a term refi and then a heloc however.