High Monthly Debt Payments?
Your Home Equity May Give You Options.
High-interest credit cards, personal loans, and other monthly payments can add up fast — even when you’re making payments on time. If you own a home in Utah with equity, that gap between what you owe and what your home is worth may open up possibilities. House Partner helps homeowners explore equity-based options when high debt payments stand in the way.
See My OptionsYour Debt May Be Smaller Than the Equity You’ve Built
A $425k home with a $250k mortgage has roughly $175k in estimated equity — but $52,000 in high-interest debt is costing $2,200/mo in combined minimum payments.
Home Value
$425k
Mortgage
$250k
Estimated Equity
$175k
High-Interest Debt
$52,000
Currently costing $2,200/mo in combined minimum payments
You may have a debt problem without having an equity problem. In a situation like this, your home’s equity may give you additional options to consider.
Hypothetical example for illustration only. Estimated equity is not the same as cash available to access. Available proceeds depend on property value, existing liens and obligations, transaction structure, and retained equity. Not a guarantee of any amount or outcome.
How It Works
Tell us what's going on
Share your property information and the debt situation you're facing. Takes about two minutes.
Explore your options
We'll review your situation and determine what options House Partner may be able to offer based on your home's equity.
You decide what comes next
You're in control. Review what's available and decide whether to move forward — no pressure, no obligation.
Tell Us About Your Situation
Tell us about your property and the debt situation you’re facing.
Options for Utah Homeowners With High Monthly Debt Payments
If high-interest debt is consuming too much of your monthly income, you’re not stuck. The right path depends on your situation, your equity, and your financial goals. Here are some options worth considering.
Explore an equity-based solution with House Partner
If you have meaningful equity in your home, House Partner may be able to help address high-interest debt through a flexible equity-based solution — not a loan, and no new monthly loan payment to House Partner. The homeowner’s existing mortgage and other obligations remain separate. Not every homeowner will qualify, but it may be worth a conversation.
Consider a home-equity loan or HELOC
If you qualify, borrowing against your equity at a lower interest rate than your current debts may reduce monthly payments. These are traditional debt products — you’ll take on a loan secured by your home, with interest, monthly payments, and qualification requirements set by the lender.
Work with a credit counselor
A nonprofit credit counseling agency can help you create a budget, negotiate with creditors, and potentially set up a debt management plan. Look for organizations accredited by the NFCC or approved by HUD. Avoid anyone who guarantees results or charges large upfront fees.
Negotiate directly with creditors
Some creditors may be willing to lower interest rates, waive fees, or adjust payment terms if you explain your situation. This can be especially effective with credit card companies. It costs nothing to ask and may reduce your monthly obligations without involving your home.
The right option depends on your specific situation, the types and amounts of debt, your equity position, income, and financial goals. Consider consulting with a licensed financial advisor or credit counselor.
How House Partner’s Equity-Based Solution Works
House Partner offers an alternative to taking out another loan. For some Utah homeowners with meaningful home equity, an equity-based arrangement may provide access to cash without adding a new monthly loan payment to House Partner.
Understand your situation
House Partner evaluates the property, the estimated equity, any existing liens or obligations against the home, the amount of cash you need, and your desired outcome.
Explore an equity-based option
If House Partner can help, it may offer a solution where the homeowner exchanges an agreed-upon economic interest in the property for cash today. That cash could be used to pay down or pay off high-interest debt, which may reduce overall monthly debt payments.
Decide whether the tradeoff makes sense
There is no new monthly loan payment to House Partner, but the homeowner’s retained equity is affected. The exact effect on retained equity and future proceeds depends on the transaction structure. You decide whether the tradeoff is right for your situation.
How is this different from a loan?
With a home-equity loan or HELOC, you borrow against your home and take on new monthly payments to a lender. With House Partner’s approach, the homeowner exchanges an agreed-upon economic interest in the property for cash today. There is no new monthly loan payment to House Partner. The homeowner’s existing mortgage remains their responsibility unless the specific agreement provides otherwise.
Note: House Partner is not a lender, debt-consolidation company, credit counselor, or debt-settlement provider. The description above is a general overview — actual terms, structure, and eligibility depend on the individual situation. Not every homeowner will qualify. This is not financial or legal advice.
Ways Home Equity Can Be Used to Address Debt
When credit-card balances, personal loans, medical bills, or other debts are consuming too much of a homeowner’s monthly income, the equity built up in a home may create options. But not all equity-based approaches work the same way.
Borrowing against home equity
With a home-equity loan, HELOC, or cash-out refinance, the homeowner borrows against the property and takes on new secured debt. The potential benefit is a lower interest rate than unsecured debt, which may reduce monthly payments — though extending the repayment period could mean paying more total interest over time. Because the new debt is secured by the home, failing to make the required payments can put the property at risk.
Accessing equity through an equity-based transaction
An alternative approach — such as what House Partner may offer — does not involve borrowing. Instead, the homeowner exchanges an agreed-upon economic interest in the property for cash today. There is no new monthly loan payment to House Partner. The homeowner’s existing mortgage remains their responsibility unless the specific agreement provides otherwise. The tradeoff is that the homeowner’s retained equity is affected — the exact effect on retained equity and future proceeds depends on the transaction structure and terms.
Understanding the tradeoffs
These approaches carry different risks. Borrowing against the home can put the property at risk if required payments aren’t made. An equity-based transaction instead reduces the economic interest and future equity retained by the homeowner. In either case, understanding the full terms and having a plan to avoid accumulating new debt is essential.
Important: Using home equity to address debt isn’t right for every situation. Each approach has different costs, risks, and tradeoffs. House Partner is not a lender, debt-consolidation company, credit counselor, or debt-settlement provider. This information is general in nature and isn’t financial or legal advice.
Your Equity May Help Reduce Your Monthly Payments
You may have a debt problem without having an equity problem. If your home is worth more than you owe on your mortgage, that equity may open up options you haven’t considered — including House Partner’s flexible equity-based approach.
Understanding your options is the first step. There’s no cost and no obligation to find out what may be possible. Learn more about the situations House Partner helps with.
Tell Us About Your SituationNot dealing with debt? Explore foreclosure options, explore repair options, or see all situations we help with.