A second mortgage is a loan taken out against the equity in your home. The equity is the value of your home worth the amount of debt you have repaid towards your first loan.
A second mortgage is subordinate to that of the primary loan on your home. Know more about it from the section on second mortgages.
Second loans can be of two types - fixed and adjustable. The fixed rate second mortgage is known as home equity loan. To know more on Home Equity loans, just go through the section on this topic. _________________ Procrastination is the enemy of your financial sucess
karthikeyamurugesan you have copied your post from wikipedia and that page is not up to there own required standards. ( en.wikipedia.org/wiki/Second_mortgage )
I wasn't able to understand what you wrote the first time I read it and that tells why. What you have stated doesn't clearly explain the difference between the two.
sangeethaanbs
