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Not sure what you mean by how safe it is to merge into the mortgage. One drawback is that you will be paying the credit card debt over a 30 year term. A benefit, the rate of interest on the mortgage is probably far less than that on the credit card and it is tax deductible.
For my clients that wish to consolidate debt, i advise them to pay additional funds to the new mortgage as if they were paying the credit card. For example, if they are paying $200 per month to credit cards, after they consolidate i advise to pay additional $200 to mortgage which pays the home off quicker.
The key when consolidating credit card debt with the mortgage is to not use the credit cards again. Make sure you set up a emergency fund so if you do need to buy something you are a cash buyer and not using credit cards again.
Definately agree! We borrowed money with home equity in the form of a mortgage. Instead of paying 25% credit card interest and 8% car loan, we now pay 5.25% home loan, which also has tax benefits. The most important is to not use the cards again. You'll get offers in the mail every day if they think you have zero balance. Suddenly, you'll have thousands of dollars in unsecured credit available to you, and you could loose your house. It takes awhile to learn to live without credit. How much cash to pay for gas? How much should you carry to a restaurant or car repair shop? You'll get used to it.
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