HELOC denied and don't know what to do next

[Lynn Maher]

I have a few things going on. So much that I wasn't sure how to title this! 

First, I have too much credit debt (embarrassed to admit 50k) and wanted to obtain a HELOC to pay off and at least get a tax credit for the interest paid. I have been refused at two big banks because of high debt to income ratio even tho the reason I want the HELOC is to decrease my debt. They know this so I don't understand the rationale behind the denial. Plus, I have income. A good income (200k/year) but it's been a tough few years and I have been helping out my kids a lot. That should be dwindling down now. I should be able to pay this off without bank but it would take awhile and again I would like the tax credit.

Second, my mortgage is in my husband's name. Not mine. We shared the title and now the house  is mine as he passed three years ago. But, I just kept paying the mortgage. I paid off our second mortgage these past few years. (In hindsight should have paid minimum on that and paid of cc debt).

Third, I finally sold a piece of vacant property we had and received about 50k after fees and mortgage paid. Technically, didn't make any money on this as it sold for 3k less than we paid for it. But, now I have 50k in savings. 

What do I do now? I have been looking at multi-family properties in my area. A few I could pay cash for with a good cash flow and cash on cash ROI. A few I could put down payment on and need small loan (60-70k). Will I even qualify? Should I take the 50k and pay of credit cards and start from scratch? Feel like I've been doing that my whole life. This is the last time I will ever have a "chunk" of money like this. I am over 50 and want to get out of my job. I want to start developing some passive income and take control of my life and my money. Working 6 days a week is wearing me down mentally and physically. What's the point of life?

Maybe if I take part of the money for a down payment and part to pay off debt I can head in the right direction? What priority should I give to getting my primary mortgage in my name? Should I continue to pursue a HELOC for my primary residence?

I'd appreciate any and all advice. I've been a member here for over a year and enjoy reading the posts and listening to the podcasts. This could be a turning point for me and I want to do it right.

Thanks everyone for listening!