subject: The Wisdom Of The Second Mortgage [print this page] Circumstances in life can change unexpectedly, and in seconds. When it rains, it pours and its always good to have your umbrella on you when it does; its always better to be prepared. When it comes to your personal finance theres no exception. In fact, this is the one time that you cant make an exception. What would happen if you lost your job tomorrow? What if your home needed urgent repairs? Financially, are you prepared for the unexpected? Or is everything at stake when disaster strikes? No one wants to think about what could happen. But in order to secure your financial future, you need to.
One reason why people are faced unprepared when an emergency does arise is because they dont know what they need to do in order to get prepared. And while you may know to keep your important documents in a safety deposit box, and you may have an emergency fire plan for your family, just how in the world are you supposed to be financially prepared? And where are you supposed to find a few extra dollars in order to be prepared? Especially in a day and age when so many people are struggling just to get by and pay their monthly bills.
A great way to be prepared is with a second mortgage. Like an umbrella, a second mortgage protects you and rewards your preparedness. A second mortgage allows you to convert the equity in your home into cash in your pocket, giving you cash for any unexpected need that might arise. A second mortgage is an intelligent way to plan for the inevitable bumps in the road by ensuring that youll have the financial ability to support yourself and, more importantly, your family if and when disaster strikes. With that additional cash in hand you have the privilege and honor of knowing that youre planning for your future and ready for the unexpected. Job loss? Youre prepared. Repairs at home? Youre prepared. Not sure what lies ahead? Leave that extra cash in an emergency fund account and just like those precious documents youve protected, once again youre prepared.
But a second mortgage is more than just disaster preparedness. Its a source of funds for anything under the sun. Why get an auto loan when you can just buy a car with cash? That sure beats paying interest on a depreciating asset like a car. And lets not forget that the interest on a car loan is going to be much higher than that of a second mortgage too. Maybe youre finally ready to take that Safari in Tanzania that youve always talked about. A second mortgage can pay for that. Anything from practical to whimsical and everything in between can be paid for with a second mortgage. With a second mortgage, you exchange your equity for your cash, and you can do anything you want with it.
Life can be surprising and unexpected. We never really know what can happen. Protect yourself with a second mortgage.
