There are two sides to this. One is if you're still earning a wage, presumably enjoying raises and wage adjustments, or you're getting a cola'd pension...you've got a pretty different picture from someone ER'd and living off a portfolio. One side has an income source thats available to pay the bills, the other is taking on a lot of risk to arb a point or two of income.
The second piece is that statistically most people move within 7 years, a vast majority within 10. You quite likely could hit a downturn that lasts the life of your arb term. Then on the next leg of it its hard to say what mortgage rate you'd be able to get. So you might lose 20-50% of your "investment" and then no longer be able to get a satisfactory rate to recover that. Unless you plan to sit still for 15-20 years, the approximate term of a nearly certain gain in equities, you're sourcing more risk.
As an accumulator, this makes some sense to try, as in addition to having a growing income source working against an inflation nibbled loan, you probably need the long term leverage to have a shot at ER. On the other hand, as an ER, both your portfolio and the loan are being equally nibbled by inflation, you're increasing your withdrawal and hence your taxes and your failure risk.
Further, without the need to pay a mortgage, most ER's could get by on peanuts through a downturn and could take more risks (and gains) on their investments. Not so with the leveraged ER...you'd still be selling shares into the downturn to pay the big bills.