Kevin....
Although there may be some nominal fees.... By taking the home equity loan you turn that debt into tax deductible interest. You can also pay it don faster with a lower rate.
Huge downside is if the high interest debt is unsecured. You would be securing that debt with your home if you do this.
Lots to consider.
1. Apply
2. Crunch the numbers.... does this make sense? Does the interest savings and tax deduction offset the fees? It likely will!!!!

Although there may be some small fees associated with a credit union mortgage, there are huge advantages. For one, since your high interest debt is a concern, overall a mortgage lowers the payment amount allowing you to actually pay more on the debt to pay faster. We aren't talking a 30 year mortgage either which allows you to have a faster pay off time. Second, you will also have a tax deduction of interest every year for income taxes, you do not with high interest credit cards. Third, your overall credit will be better with no to low balances on credit cards, a balance of debt since you now have a mortgage, and an increase of credit scores which helps you in the future when you need credit for something else. The overall goal is to be debt free or as close as possible so it makes sense to lower your payments as much as possible thus allowing you to pay extra to get bills paid off while creating a better credit history. ANd when your scores are higher, you will be able to renogiate your interest rate with your credit card holders or pick new ones.
Have a great day!

I have to agree with Mr. Salcedo. you are going to pay fees for the mortgage to pay off debt. You are going to borrow money to pay off debt. Why not snowball your debt (see website from Dave Ramsey). For example:
Visa balance 1000 payment 50 add extra 50 and send $100. payoff debt in 10 months
Visa balance 3000 payment 100 add extra 100 and send 200. payoff debt in 1 yr 3 months
Visa balance 5000 payment 250 add extra 200 and send 450. payoff debt in 1 year.
Get it?

Contact your bank or credit union.
If they have a problem with you only being on title for a short time(seasoning of title) they can tell you how long you need to own the property to get an equity loan.
A credit union may be more lenient since they will keep your loan. They may not have a problem with seasoning due to the circumstances.... I assume inherited.

The low loan amount is a major plus!! Lots of equity for the lender makes them a little more loose with their money!!

To Try to get a mortgage or home equity loan, there will be a seasoning problem with the banks. That means because the home is newly acquired even though it is free and clear, the banks probably wouldn't want to do the loan, no payment history, etc. I would honestly suggest going to a credit union, consolidating your high interest debt along with about 10 thousand for home repairs and using the house as collateral. This will allow you to lower your monthly payments and allow you some repair costs. If you do not need the whole $10,000, keep the rest in the bank for emergency money. You can try at the banks, but I am sure the seasoning requirement will be an issue. I hope this helps you and wish you good luck!

Hi Kevin,

If you ask me that question I would rather borrow from somebody else but dont
borrow against the property...I learned from my own experience. If you miss
payment on your house you are in trouble. You better not to borrow against
the property...