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DaHaMo

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How can I get a second mortgage and is it worth it?

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Weather there is value to a 2nd

is very much up to you.  A second mortgage will be based on the available unincumbered value of your property. (the amount of the value of your home above the amount you owe on the house.)  so if your property is worth $250K and you owe $150K you could get a second up to $100K)  The ONLY reasons that i would suggest taking a second is to make improvents to the property, such as a new roof, maybe a pool or something like that. It just makes no sense to me to use the funds for anything else. at todays rates, around 3% you'll end up paying  around $1000 a month on a 10 year second mortgage at a cost of about $25000 over the life of the loan. 

Is it worth it?  only you can decide.

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