If you have a number of debts and built enough equity in your home you may be eligible to consolidate your debt with your mortgage. There are many reasons this is a good solution. This option allows you to simplify your finances by only having one monthly payment rather than many and also pay off higher interest debts so that you are left with one loan at a lower interest rate. Mortgage interest rates are much lower than other interest rates and your mortgage can be amortized (paid) over 25 years which also means one lower payment.
This option may be suitable for debts such as those relating to credit cards, public utilities, or other consumer loans. However, not all debts can be combined into a consolidation loan — a mortgage cannot be included, for example.
In order to qualify for a consolidation loan, a consumer usually needs to have an acceptable credit rating and sufficient income to demonstrate that they will be able to manage the loan (that is to say, to demonstrate they will be able to make the monthly consolidation payment, in addition to paying for their regular monthly bills and expenses).