3233: Should You Do a HELOC or a Second Mortgage? By Miranda Marquit with Good Financial Cents

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 2 August 2025

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3233: Miranda Marquit unpacks the key differences between a HELOC and a second mortgage, helping homeowners make smarter choices when tapping into their home equity. Whether you're funding renovations or consolidating debt, you'll gain clarity on which option offers the flexibility, stability, or risk profile that aligns with your financial goals. Read along with the original article(s) here: https://www.goodfinancialcents.com/should-you-do-a-heloc-or-a-second-mortgage/ Quotes to ponder: "A home equity line of credit is a revolving line of credit that allows you to tap into the equity you’ve built in your property." "If you know exactly how much money you will need, for something like debt consolidation or to contribute to a child’s college education, a lump sum can be helpful." "You are using your ownership in your home as collateral, and you could lose your house if you fall behind in your payments." Episode references: IRS - Home Mortgage Interest Deduction: https://www.irs.gov/publications/p936 Figure: https://www.figure.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:02.3	This is Optimal Finance Daily.
1:05.7	Should you do a he lock or a second mortgage?
1:09.9	By Miranda Marquit with Good Financial Sense.com.
1:15.5	If you haven't considered your home equity as a resource, you might need to.
1:19.3	Many of us have a lot of our net worth tied up in our homes.
1:24.9	Indeed, the equity that was built up in a home can be a source of funding when needed.
1:29.0	If you have equity in your home, you might be considering tapping it to make some home improvements, consolidate debt, or pay for your child's wedding.
1:35.7	Most people, when deciding to access the equity in their homes, choose either a HELOC or a second
1:41.4	mortgage. Depending on what you're planning, one might work better than the
1:45.7	other for your situation. The difference between a helock and second mortgage. In order to determine
1:53.4	which type of funding you should consider, you need to first understand what a helock and second
1:58.8	mortgage are and see how they compare. A home equity line of
	...

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