My brother and I own a house that neither of us uses as a primary residence. I want to use my portion of the equity (approximately 120,000 dollars) to consolidate debt. Is this possible? If so how do I go about doing it?
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One choice would be to sell your half of the house to your brother. Since you said you wanted to use the equity in the house, selling your interest isn't an option.
You'd need your brother's active cooperation, since he would have to agree to a mortgage on the house. He'd have to agree to sign a mortgage deed and that mortgage deed would stand as collateral against the note that you alone would sign. Your brother would have to understand that if you default on the debt, you'd both lose the house. If your brother will agree to all that, you'll have to contact some lenders in your area to find out what sort of financing is available.
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One choice would be to sell your half of the house to your brother. Since you said you wanted to use the equity in the house, selling your interest isn't an option. 