2nd
Mortgage Term
Some
second mortgage loans may extend for as
long as 15 or 20 years; others may require
repayment in one year. You will need to
discuss the repayment terms with the individual
mortgage company and select one that offers
terms that best suit your needs. For example,
if you need to borrow $20,000 to make repairs
on your home, you may not want a loan that
requires you to repay the entire amount
in one or two years because the monthly
payments may be too high.
