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2nd Mortgages and Home Equity Lines of Credit
A second mortgage works well for those customers who want to do home improvements, pay for college education or a wedding or consolidate debt. Credit card interest is not tax deductible and usually is at a much higher rate than a second mortgage. In most cases a customer can increase cash flow by paying off debt and lowering their monthly obligation with a second mortgage.
Home Equity Lines of Credit (HELOC) are popular for those who like the idea of having a credit line so they can borrow what they need as they need it. It's as easy as writing a personal check. HELOCs have a variable interest rate tied to the Prime Rate which can change monthly. Monthly payments of interest only are required during the line's access period (usually 10 years). Once the access period is finished, fully amortizing principal and interest payments are due. Many HELOCs are offered with little to no closing costs.
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