So I am confident that this is an option (but am open to feedback confirming or rebutting).First question: Is this something I really want to do (from a risk/exposure perspective)?

I feel that moves a bit of the risk off me.

The bank is TD so I am assuming they generally play it safe and don't want to risk it.

Great attorney who was right in the thick of the last crisis and understands a lot of risks that other less experienced attys might not.

Risk is spread among many companies. 

Risk of time and opportunity cost.I realize I'm sounding like a total party pooper today. 

If your mortgage has a fixed rate, you may be better off just making extra mortgage payments instead of taking out a HELOC to pay off the mortgage and risking the rising interest rate on the HELOC.

It's an interesting risk.

You need to take into account your long term goals, your short term goals, your resources especially finances, and your risk tolerance. 

Anything that would impact a lender's decision to lend money (yes, it is real money they are putting at risk, just as if *you* were lending to some dishonest person) is required to be disclosed.