HELOC or interest only mortgage to launch investing career?

[Eric Merhar]

I'm using equity in my house to pay for the down payment on my first deal.  Two options are available, and I'd like to get feedback on the pros and cons for each!

Scenario #1: 40-year interest only loan that results in $48k cash in hand.  New mortgage payment of $2060/mo.  Can refi anytime for little to no money

Scenaro #2: Standard HELOC for $60k at about 5% interest rate. Mortgage stays the same ($2600/mo)

From what the loan officer was saying, the HELOC (scenario 2) could cause me issues due to income. Not sure if that's necessarily the case: I have excellent credit, only debt is my mortgage (no car payment, no revolving CC debt, nothing) and my wife and I combined make well over six figures. What would you choose and why??