How can mortgage help you pay off other debts?
You can take out a reverse mortgage to pay off your debts. But you can take advantage of this option only when you're above 62.
You can also opt for cash-out refinancing to pay off your other debts. Just remember, you can option for this option when you have equity in your home. The interest rate should be at least 2% less than what you're paying on your current home loan.
You can take out a home equity loan to repay your debts. You can also rent a portion of your home to earn some extra money so that you can make larger payments toward your debt to get out of it easily.
While opting for such an option, that is, while transforming your unsecured debts to secured debts, remember that you're risking your home. So, make sure you're able to make the payments, on time, to repay the debt.