What Exactly Is a Second Mortgage?

Posted by on August 9th, 2008 at 05:06am

wrote an interesting post today on
Here’s a quick excerpt
Typically, a second mortgage is defined as a secured loan that is subordinate to a first mortgage on the same property. The borrower can generally use the proceeds from a second mortgage for any purpose. Currently, a popular use of second mortgages is to pay off high-interest consumer debt, such as credit cards and car loans. Other common uses are for home improvements, college tuition, or to take a vacation. Second mortgages can even be used to secure lines of credit for future needs. Histori

Read the rest of this great post here

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