If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don’t do this very often.
To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.
If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage.
If a relative lends you money, but then you lose your job or get hurt and are unable to pay them back, that may sour your relationship with them.
If your relative can’t afford to forgive the loan to save their relationship with you, then this could forever cast a shadow over your relationship with them.
So if you ask your bank for a debt consolidation loan of ,000, but your net worth is only ,000, they will probably decline your request.
They may be able to give you a ,000 unsecured loan (10% of your net worth), but not much more.
If you are not able to obtain a debt consolidation loan, then maybe you can consider other options like selling assets to pay off your debts, downsizing your lifestyle to save money, cutting out expensive hobbies to save money, finding a cheaper home or cheaper place to rent, or increasing your income by taking on another job, taking in ESL students, teaching ESL, or something else.
By increasing your income you can pay off your debts faster, and by cutting expenses you can save money to pay off debts faster.
A wise relative may not wish to put themselves or you in a situation like this.
This may be another reason why a relative may not be willing to lend you money. If a relative is able to lend you money, then make sure that you honour your agreement with them and always make your payments on time as agreed.
You may have to be willing to make short term sacrifices for a better life in the long run.