Your home is likely the largest investment you have.
Sometimes life happens, and you’ll need to find out how you can tap into your investments.
A second mortgage is a way to use your home’s equity to get cash, making your investment in your home more liquid. Maybe you want to pay off high-interest credit card debt or go back to school, Update your home. A second mortgage can be one way to do that.
Basically, a second mortgage is another loan taken out on your home’s equity. You can get a loan for a portion of the amount you have in equity. The amount will differ depending on your lender.
But be careful: having a second mortgage can increase your risk of foreclosure if you can’t repay the loan. Obviously, you want to avoid that at all costs, so make your decisions carefully.
