There are risks associated with both second mortgages and refinancing. With a second mortgage, you are taking on additional debt and putting your home at risk if you are unable to make payments on both the first and second mortgages. Refinancing carries the risk of closing costs and fees, and if you extend the loan term, you may end up paying more interest over the long run. It's important to carefully consider the potential risks and assess your ability to manage the additional debt before proceeding with either option.