How do I mount a sparsebundle to a folder rather than an image? I have a encrypted sparsebundle and I want to mount to to a folder in my home directory and not under /Volumes. How can I do that?
The hdiutil command-line utility gives you more flexibility, and is extensively documented in man hdiutil. Something like this should do:

hdiutil attach -mountpoint ~/myMountPoint mySparsebundle.dmg