A second mortgage, or home equity line of credit, is a great way to finance a child’s education, pay off debt, cover the cost of home improvements or even use for a down payment on a second home. Through property appreciation over the years, many homeowners have built up substantial amounts of equity in their homes. A second mortgage provides an excellent way to tap into that equity. But before incurring more debt, and placing another lien on their property, homeowners should investigate all of their options. They should consider current interest rates, loan terms, types of loans available and their ability to make higher mortgage payments each month. So with that in mind, here are the top questions about second mortgages, to help you decide if this is the right option for you.