How much equity do you need to get a second mortgage?

Answer When you need access to a lump sum of cash, you may consider a second mortgage, also known as a "home equity loan." How much equity you need for each type varies.Pulling Out EquityThis the most co... Read More »

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Is a home equity mortgage the same as a second mortgage?

Yes, a home equity loan IS a 2nd mortgage.Some people however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "line of credit" is revolving and can be used over and... Read More »

Should you get a second mortgage or a home equity line of credit?

On One Hand: Home Equity Line of CreditA home equity line of credit allows you to access money as you need it rather than receiving it all at the start of the loan. If you plan to use the loan to ... Read More »

What is better, a second mortgage or a home equity loan?

On One Hand: A Second Mortgage Is BetterA second mortgage is typically arranged at the closing of a first mortgage. It is either a line of credit or an installment loan. By taking out the second mo... Read More »

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »