Debt Consolidation Mortgages

There are many reasons why you may want to consolidate debt.

We will discuss a few below.

Pay off Credit Card Debt

  • Credit cards usually have higher interest rates
  • They are generally not tax deductible
  • Consolidate into one easy monthly payment
  • The interest on your new mortgage may be tax deductible. Be sure to check with your accountant.

Payoff Home Equity Line of Credit (HELOC)

  • HELOC rates are generally adjustable and can change
  • Replace with a fixed rate first mortgage
  • Removes future volatility in times of rising interest rates

HECM Line of Credit (Reverse Mortgage Loan)

  • For clients 62 or older
  • Pay off current HELOC where interest only period is ending
  • Avoid the sticker shot of a higher payment on the horizon
  • Let home make your payments
  • Qualify for more borrowing power – tax free
  • Learn more about reverse mortgage loans