A hybrid HELOC is the same as a hybrid ARM. It takes an adjustable rate mortgage and fixes the payment or rate for a number of months or years. The benefit is that you will not have the volatility of an adjustable rate mortgage for the fixed portion of the term. The downside is that you will pay a higher rate for the fixed rate option.
Your best option is to secure long term financing such as a 30 year fixed. It hardly makes sense to go with short term financing such as a HELOC when long term financing is at the same or even lower rates. Additionaly HELOC’s are tied to the Prime Rate which is currently 8.25%.