Second and junior mortgages are any mortgage liens recorded behind the first mortgage lien. These types of loans are sometimes referred to as junior mortgages, because it is possible to have a third and additional mortgage lien--behind the actual second mortgage.
Second mortgages are often called home equity loans, since they are normally secured by the property's available equity. They have become an ever more popular financial tool for homeowners, with the added benefit that in many cases, the interest rates on home equity loans are tax-deductible.
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