Why Should I Take Out a Second Mortgage?
What’s a second mortgage and how do I get one? What’s a second mortgage? Well, it’s all in the name. It’s a second mortgage on your home. Just like with your first mortgage, the second mortgage is secured by your property, meaning you can lose it if you don’t repay. However, if you default on your home loan payments, the original mortgage can be paid off by the sale of the home first before any money goes to the second mortgage. Second mortgages have seen a rise in popularity