This dollar symbol leaning on a house illustrates the equity that many people have in their homes. In today's economy, many homeowners are seeing their home as an additional source of needed funds and are deciding to take equity out of their home.
A second mortgage, in the form of a home equity loan or home equity line of credit, may enable you to use your real estate equity for various purposes, including home improvement, college tuition, and debt consolidation.
If you need money, you can use your home as collateral for a second mortgage loan. But beware: Should your finances change, you may be putting your home at stake.
Michelle Ullman. Bob Vila. Mon, 24 Aug 2020 10:49:08 -0400.