This just had to do with your risk tolerance. A mortgage/personal loan is only 2%/5%, but it is consistently 2%/5%. Market return is on average 7% and it comes with a pretty high standard deviation. That means it could just as well be two years in a row of -25%. It will take you a long time to recover from such a big fall, even at a consistent 7% in the years following that. In the meantime, the mortgage and loan will just have to be paid back as usual. Can you stomach that? If you can, sure, do some hedging. Otherwise, don't. :)
Personally, I would agree that it is relatively safe if you invest instead of paying off the mortgage. That is because a mortgage is there for a long time, and usually you can pay the monthly costs multiple times over. However, lending money for the purpose of investing is something different altogether. I would consider all money that you invest as money that disappears into thin air: you don't have it anymore, you are not getting it back in any way. If you can live with that idea and still pay off all mortgages/loans then you are fine. Otherwise, I wouldn't touch it as it sounds like gambling to me.