A home equity loan by Magellan Capital Network, often referred to as a second mortgage, is a loan that allows homeowners to borrow against the equity they have built up in their property over time. Equity represents the difference between the current market value of your home and the outstanding balance on your mortgage.
With a home equity loan, you can access a lump sum of money, which can be used for various purposes, including Home improvements, debt consolidation, education for yourself or your children, and unexpected expenses that may arise.