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You need a personal financial advisor like lookout123 to answer those kinds of questions. Generally, if you have a house and it is not decreasing in value, that's your basic nest egg kind of investment because it's not going anywhere.
(If you get a divorce, the money in that nest egg is often most of the money that you will fight over, because one of you generally has to leave.)
If you have all other considerations taken care of, and you have some savings beyond the value in the house, the question then becomes (I suppose) whether you can use a cashout to make more money than the price of the mortgage. Say, for example, on one of my projects. (I didn't mention the lotto one that could make a real mint, because it's not my project, it's my friend's)
Mortgage money is a very cheap loan, the cheapest you will ever get; it is tempting to try to make more money with that money. And mortgage money, over the long term, is cheaper than car loans, credit cards, etc.
Home improvement is another matter, if you can use a loan and actually improve the value of your house, in some cases it could be like free money.
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