Mortgage Brokers First Second Third Mortgage | Page 7

Second Mortgage - Benefits and
Considerations
• Benefits
 Consolidation of debts: A second mortgage loan can be utilized in servicing debts such
as credit card debts and various other debts.
 Tax advantages: Getting a second mortgage also come with an incredible tax
advantage. This is evident in the opportunity which tax laws accords homeowners in
the deductions of interest on their second mortgage.
 Comfortable interest rates: Another fine benefit of getting a second mortgage lies in its
enticing interest rates. Getting a second mortgage is considered a wise move in a
situation where the homeowner is convinced that the cost of his long-term saving
potential is far exceeding the cost of a second mortgage.
• Considerations
 Home equity line of credit: Commonly referred to a revolving line of credit that gives
homeowners the opportunity of seizing the benefits that come with the equity in his
home. It's mostly used by homeowne