Types Of Second Mortgages

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Types Of Second Mortgages
Piggyback loans. Home Equity Loan. Home Equity
Line Of Credit. A second mortgage is a lien taken
out against a property that already has a home
loan on it. A lien is a right to possess and
seize property under specific circumstances. In
other words, your lender has the right to take
control of your home if you default on your
loan. When you take out a second mortgage, a
lien is taken out against the portion of your
home that youve paid off. Unlike other types of
loans, such as auto loans or student loans, you
can use the money from your second mortgage for
almost anything. Source- rocketmortgage.com