Cash out refinancing and a second mortgage may be the best choice for certain projects. For example, a second mortgage is generally the best option if you need to make expensive repairs or extensive renovations to your home. We’d recommend a second mortgage over credit card debt if you need to repair your roof, foundation or plumbing problems. A growing market for second mortgages is those seeking to make changes to their home so they can age in place. Widen doorways. Renovate the bathroom so you don’t need assistance. Modify sinks and counters so that you can reach it from a walker or wheelchair. Install proper wheelchair ramps. This is a wise investment if it allows you to remain in your home for several more years instead of moving into expensive assisted living. You could take out a second mortgage to update your kitchen, renovate your bathroom or make other upgrades to your home. This might allow you to remain happy where you are instead of having to move, or it might increase the value of your home so that you can get more when you finally sell it.
Second mortgages can be used to pay for various expenses. We don’t recommend taking out a home loan to buy depreciating assets like cars or pay for experiences like a dream vacation. Yet the mortgage loan could be the best way to pay medical bills or for a child’s education. The interest rate is lower than other financing options, and you can choose a loan duration that makes the payments manageable. Mortgage brokers with Continental Mortgages assist their clients as they tap into their home equity, no matter how they’ll use the money.