Wells Fargo offer of line of credit

[Mike Terry]

Hello looking for some advice on a line of credit Wells Fargo called to offer me.  I own a vacation property in Florida.  The value of the property is approximately 200k.  I owe 91K on it.  The bank is offering me a 150K line of credit at 2.5% for the first year and then 4.5 adjustable from that point forward.  I am planning on paying off the mortgage over the next 2 years.  The bank will pay all closing costs.  I would love to get rid of the mortgage as the home requires flood insurance and I understand in an extreme case flood is a risk, but the home was build in 1979 and it has never flooded, despite many hurricanes and tropical storms. I would rather self insure than throw away 1200$ a year with a 10K deductible a year.  What's the downside of this deal?