The loan is a revolving line of credit which means you can access it at any time with your Equity Gold Visa card or by writing a check. Contact the branch nearest you for more information. Second Mortgages You can take out a second mortgage for any of the same reasons you would use an equity line. The difference is that a second mortgage is for a fixed term and does not allow you to access it over and over again. The advantage is that your payment will be amortized over a fixed term.
Second mortgages can be fixed rate or adjustable rate mortgages.
If you are 62 years of age or older and have a good deal of equity in your home, you may qualify for a reverse mortgage. Rather than you making payments, a reverse mortgage allows payments to made to you. You can receive a monthly payment, a lump sum, or a line of credit.