Key Takeaways
- Using home equity to consolidate debt can lower your interest rate and simplify multiple payments into one.
- Your main options are a home equity loan, a HELOC, a cash-out refinance, an HEI or a reverse mortgage, and the best fit depends on your goals and cash flow.
- Consolidating with home equity comes with real risks, including closing costs and putting your home on the line if you can’t repay.
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When your debts are spread across credit cards, personal loans, and other balances, it’s hard to keep up, and even harder to pay them down quickly. Consolidating with home equity can make repayment simpler and cheaper, but it’s important to understand the trade-offs before…