Second mortgages are a great way to gain access to the equity that your home has built up over the years. If you need money for home improvements, college tuition, debt consolidation, and other purchases, you may want to consider taking out a second mortgage on your home. Here are a few facts about second mortgages that can help you decide whether or not this type of financing is right for you:

Terms for Second Mortgages

Second mortgages allow you to take equity from your home in one lump sum, and then make payments on the borrowed amount. Repayment periods normally range from 15-20 years, but can sometimes be made shorter at the borrower