I’ve blogged about this before, but it bears repeating because it seems that people are still not being properly advised: when you get a secured credit line, it is legally a mortgage. It will be registered on title to your house. It will have to be paid in full when you sell or refinance. And it will affect your ability to get any further financing on your house.
Secured credit lines can be a great way to have access to cheap credit, but be aware of what they are.