Equity Mortgages
Equity mortgages are usually 2nd mortgages. These are loans that you get to borrow some of the equity in your home, but leaves the current first mortgages in place. Currently there are two types of Equity Mortgages available.
In addition to the two listed above, there is a first lien position HELOC available. This is what you might do if you owe nothing on your home and want to get a line of credit.
