Three ways to run the math
Stay, downsize, or move. Jeff compares all three.
Keep your home and use some equity
Worth a look if: You plan to stay and you'd like to keep your current first mortgage.
Watch for: Home equity lines usually have variable rates, and the new debt is secured by your home.
Sell, pay off debts, and downsize
Worth a look if: You'd like a smaller home anyway, or the kids have moved out.
Watch for: Selling and moving costs, and a new property tax bill on the next home.
Sell, pay off debts, and move
Worth a look if: You're relocating or need a different home.
Watch for: Your new loan may have a higher rate than your current one, on a larger balance.
The honest part
A lower monthly payment isn’t the whole story. Spreading short-term debt over 20 or 30 years can mean paying more interest in total, and the plan only works if the cards stay paid off. That’s why Jeff shows you both numbers, the monthly payment and the total cost, for every option before you decide anything.
Using home equity to pay off other debts makes your home the security for that debt and can increase the total interest you pay, especially if the debt is spread over more years. Not a commitment to lend. All loans subject to qualification.
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