Second Mortgage Planning FAQ
What is a Second Mortgage?
A second mortgage is like a bad friend who moves in with you and never pays rent. You're like, "Dude, get a real job or get out."
How do I get a Second Mortgage?
It's not that easy. It's like trying to get a loan from a squirrel. You need a lot of nuts.
What are the risks of a Second Mortgage?
Well, you could end up with two mortgages and a side hustle as a clown. That's a real risk. But seriously, it's a big risk.
Can I use a Second Mortgage for anything?
Only if you want to use your house as a personal ATM. Otherwise, it's just a bad idea.
How do I pay off my Second Mortgage?
By selling your firstborn child to the mortgage company. Just kidding, that's not a thing. But seriously, you need to make a lot of money or have a lot of sacrifices.
What happens if I default on my Second Mortgage?
You'll have to live in a cardboard box with a bunch of other defaulters. It's like a real-life game of "The Walking Dead."
Can I get help from my parents?
Good luck with that. Your parents will be like, "Sorry, kiddo, we're maxed out too."