If you'd only use the antenna for receiving, there wouldn't be any problems.
If you're going to transmit with higher power (more than some tens of watts), it is quite possible that the RF energy will cause interference on equipment on either end of the phone line. That'll depend much on the distance between the antenna and the phone line, and the quality of the equipment at both ends of the phone line. Even small power might cause problems if you're unlucky.
If, for example, you have an ADSL modem at the end of the telephone line, and it trips over due to the RF, it'll be possible to reduce the interference by installing a filter or choke on the line next to the modem. However, if you manage to cause interference to the telephone company's or ISP's equipment at the other end, they might not be pleased at all.
If all of the equipment on the telephone line is old and analog, they should be more immune to RF interference.
It should help a bit if it would be possible to install the antenna perpendicular to the phone line.