Posts Tagged 'Second Mortgage'

A closed-end second mortgage is a type of loan that allows a borrower to obtain a lump sum of money using their home as collateral. It is considered a “second” mortgage because it is taken out in addition to the borrower’s primary mortgage.

The term “closed-end” refers to the fact that the loan has a fixed amount and a predetermined repayment schedule. This means that once the borrower receives the lump sum, ...