What are the benefits of taking out a second mortgage loan?

A second mortgage loan may allow you to consolidate other high interest debts you may have or you may use the equity in your home to get cash for other purposes, such as home improvement, financing a child's education, a new car or for other personal needs. In addition, you can realize: Savings - Consolidating debt from other sources with higher interest rates may mean overall lower monthly payments - often up to as much as 60% less each month in payments. Tax Deduction - Get a tax deduction on the amount of your home equity loan interest payments, even if you take cash out to use for other purposes. Consult with your tax advisor to determine how much of your new loan payment may be tax deductible. Convenience - You can consolidate bills into one monthly payment.  more