A second mortgage, also known as a home equity line of credit, is another mortgage on your home. If you dont pay the debt the lender can take your property. Details about the advantages and disadvantages of second mortgages are below.
Advantages- A second mortgage is based on equity and allows you to borrow a large sum of cash with flexibility. Another advantage is you can usually get much lower interest rates because the loans are secured by a house. In addition to the advantages listed above, there are tax benefits for having a second mortgage because the interest is … Read the rest