Are you in the middle of a service contract or a device payment agreement? Do you have insurance on the iPhone 7s plus?
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
You are obligated to pay for the phone you have and agreed to make payments on (I'm figuring you have a monthly payment on the iPhone 7 and want to lower or eliminate that payment). Your option is to sell the iPhone 7, and use that money to pay off the balance to remove the payment from your monthly bill.
That still leaves you needing a phone - you'll need to buy a lower priced device (but from a third party, not Verizon) and likely have to pay the full price of that device up front. Or borrow from a friend, or reactivate an older phone you may still have around as a backup.
Do you have a friend or relative which has an old, no longer used phone laying around you can activate on your line? That would be the least expensive way to switch phone.
You are still responsible for the payments on the iPhone 7, though. You cannot simply return it to Verizon and stop making payments. Your best bet would be to pay off the phone and then sell it in order to recoup the money you used to pay off the device.