What would happen if you took a Home Equity Loan to get out of your current mortgage? I think that a lot of institutions, in fact I know a lot of institutions, is after just that, they want you to do this so you get only deeper into debt. Perfect ways to get you inn so deep that you eventually are foreclosed. They use a sales pitch like helping you to consolidate your debt or helping you solve a problem with unpaid bills. It is simply part of Credit repair and you must take another avenue to solve your problem. I have said it before and say it again. Do your research and use the sources that are out there to help you get things into perspective.
One solution might be then to have a reversed mortgage. Consider this, most lenders are offering a cash advance upfront when you take a reversed mortgage.
You see were I’m going with this, the whole thing is made up so the financial institution can get you in deeper then foreclose on you and sell your property, pocket a nice chunk of change and walk away.