If you need money for home improvements, tuition or another purpose, you might be able to secure funds through a second mortgage.
How Does a Second Mortgage Work?
A second mortgage is a loan that allows a homeowner to borrow against the value of their house by using it as collateral.
One option is to receive a lump sum of money to be repaid over a period of time. Another is to open a home equity line of credit.
Before getting a second mortgage, be sure to weigh the decision carefully.
Falling behind on your payments could put you at risk of foreclosure.
A second mortgage should only be used for a legitimate purpose that will benefit you in the long run.
