I’m pretty young and I don’t know a lot about mortgages in the first place but how and why can you take a second mortgage on your house to gain a bunch of money? I hear people say it all the time in shows and movies and it sounds like a very bad thing.
In: Economics
Basically it’s just a loan but you are using your house and property as the collateral.
If you don’t pay the loan back they can take your home.
I used a second mortgage to pay for a new roof to my home and now it’s paid off.
They have a purpose but come with risk.
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