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A closed-end second mortgage is a type of home loan that allows homeowners to borrow against their home’s equity while keeping their primary mortgage unchanged. This type of loan provides a lump-sum payment upfront with a fixed repayment schedule and interest rate. Unlike a home equity line of credit (HELOC), which allows for repeated borrowing and repayment, a closed-end second mortgage offers a one-time loan amount that cannot be borrowed again once repaid.
A financial advisor can help you determine if a closed-end second mortgage aligns with your financial and homeownership goals.
A closed-end second mortgage is a fixed-rate, lump-sum loan that lets homeowners tap into their home’s equity without…
