The rate on an equity line or new mortgage should be much better than the rates you are paying on your credit cards, plus the interest paid on a mortgage should be deductible. Deciding on an Equity Line or new First Mortgage would depend on how you wish to utilize the money. If you want just enough money to payoff existing debt, I would do a new first mortgage because the rate will probably be better than on a line of credit. If, however, you would prefer a cushion for emergencies, then the equity line would be best.
