Financing everything with HELOCs: good idea?

[Mike Day]

Hi all. I'm currently considering refinancing all my investments into HELOCs. In my area I can get the refis done much more cheaply and at better rates than conventional loans. I also like the flexibility that HELOCs provide--if you don't currently need the cash, pay it down and save the interest. However, banks can freeze or close credit lines, whereas a mortgage is a mortgage and there isn't much that can happen to it as long as you are paying it. So I'm hesitating to actually pull the trigger and eliminate all my conventional mortgages. Would you do it? Why or why not? Do you use HELOCs and have you ever had the bank close or freeze one? Thoughts appreciated