Not really a fan of doing it. You're shifting the risk from yourself (which, yes, sucks, but there are a lot of programs and options), to your home (with no options except to lose your home).
You didn't say what type of loans you have - which definitely shifts the decision. Federal loans is likely a hard no. You give up income-driven repayment, loan forgiveness plans, and hardship options - like right now during Covid-19 Federal loans are paused with 0% interest. That's amazing.
Also, what if (in the unlikely situation) they do pass loan forgiveness - even partial. They aren't going to offer that on your HELOC. Only for Federal loans.
Private loans are a maybe, but you have to ask yourself if the risk is worth it.
If you want to go back to school AFTER the 3 year monitoring period, you can only take out new loans unless: - You obtain a certification from a physician that you are able to engage in substantial gainful activity - You sign a statement acknowledging that the new loan cannot be discharged in the future on the basis of any injury or illness present at the time the new loan.
Basically, you can't get a second round of TPD.
I'm not quite sure what you mean your "available balance renewed to your original balance".