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Posted in Mortgage
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grandma2all

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1st time home loan to pay off bills
I own my home. No payments. I owe close to $5,000.00 in bills I would like to pay off with a small monthly payment option.

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Top Contributor
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Think this over carefully, twice!!

If these bills are like credit cards or medical bills, they are unsecured debts because there is nothing you have that was purchased with the cards that could be sold to recoup that debt. BUT

If you did take out a home equty loan and something happened to where you could not repay it (job loss?) your house was securing that debt and IT could be sold to repay the loan.

Better idea is to work out a way to pay the debts off quickly without risking your home, and that amount of debt would be one that you could handle.  If you'd like some repayment suggestions search out Dave Ramsey and consider his methods.

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