It's your equity, use it when you need it.
It’s your equity, use it when you need it.
What is a Second Mortgage?
A second mortgage is another home loan taken out against an already-mortgaged property. They are usually smaller than a first mortgage.
The two most common types of second mortgages are home equity loans and home equity lines of credit (HELOC).
Like a first mortgage, your home is used as collateral for a second mortgage. Should a foreclosure happen, the first mortgage lender is first in line to get repaid. The second mortgage lender is repaid next.
Pay Off Debt
Home Equity Loan vs. HELOC
|Home Equity Loan||Home Equity Line of Credit|
|Disbursement||Cash up front in one lump sum||Draw cash as needed, up to limit|
|Repayment||Fixed monthly payments||Open-ended. Interest-only payments often allowed during draw period|
|Interest Rate||Typically fixed||Usually variable|
|Interest Charges||Interest charges apply to entire loan balance||Only pay interest on amount you draw|
Your total monthly payment
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