Have you talked to the bank that issued this line of credit? Did you ask if you qualify to refinance this into a mortgage, since you are now the owner of the home? (And I’m presuming title passed to you along with the loan!??)
Do you know the interest rate on this line of credit? Ask them!
And if they don’t offer to refinance at a rate of under 4.5%, go to another bank or go online to GuaranteedRate.com and ask about qualifying for a mortgage and paying off this line of credit.
I have a funny feeling you are paying way too much! Please write back and let me know what happens.