Nola shared this recipe with me. I think sweetened condensed milk is rather overpriced considering all it really contains is milk and sugar!
Boil in double boiler until golden in color and thick.
Nola - I don't have a double boiler, so I just cooked it until it got thick and golden.
BE CAREFUL! It burns easily. I recommend medium heat and lots of stirring.
Gina- I tried cooking on a double boiler and it seemed to take a very long time. I found a heavy bottomed pan to be much faster though I did keep a close eye on it and stirred often.
I really don't use a lot of sweetened condensed milk but like to keep it on hand for our favorite brownies. (recipe found here) This weekend I made up a batch of caramel sauce to eat with apples. I used the recipe from Tammy's Recipes. Mmmm Good!