Second mortgages have been around for years. However, the kinds of second mortgages that are available have changed, and now is the time that many seniors and caregivers are cashing in on low second mortgage interest rates to pay off high interest bills, fund retirement travel, or just enjoy life.
However, you must realize that unlike Reverse mortgages, a second mortgage requires monthly payments, just like your first mortgage. If you are not in an earnings position to make those mortgage payments, you should avoid taking on this new financial liability.
Some articles of interest to you on obtaining a second mortgage on your home:
