Is a Second Mortgage Right for You? Advantages and Disadvantages
Posted by The Cobb Group on
We’ve heard the chatter lately from friends and neighbors who are thinking about taking out a second mortgage. If it’s pertinent to them, it may be on your mind too. Don’t get confused, research and ask for help. Here are some facts to see if it is right for you.
A second mortgage is a type of loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, which can be home equity lines of credit (HELOCs) or home equity loans, are a way to use that asset for other projects and goals without having to sell your home.
What Is a Second Mortgage?
A second mortgage is a loan that uses your home as collateral, similar to the loan you used to purchase your home. The loan…
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