Because mortgages are like a highly contagious disease, most home owners already have them.  At the same time, if you have other kinds of debt, the equity in your house can be used to secure a debt consolidation loan.  Unfortunately, if you lose your job, or cannot pay the mortgage, the bank will not hesitate to foreclose.  In many cases, you will find that avoiding these proceeding is impossible.  Therefore, before you consent to consumer debt management strategies that involve using your home as collateral, you should seek other options.  Among other things, it may make more sense to take small loans on your car, or even buy a boat and use it for collateral.