Our first one was during a company paid relocation, so if there was a fee, the employer picked up the tab. We used it to pay off our school loans, b/c the interest was cheaper and we were making too much money to get the tax write off. I was terrified as I was mailing those checks!
We paid it off ASAP, and then got a better deal at another bank for a new HELOC, no fees, higher limit. We used this for leverage when buying rental homes, so we could pick up a good deal before hubby's bonus check would come in, stuff like that.
Shortly after the new HELOC closed, I checked our credit reports and noticed that the original holder of the HELOC had neglected to close the account! In theory, we could have borrowed something like 125% the value of our home if we had maxed out both HELOCs. Crazy times...