A second mortgage loan can be a blessing, or a second mortgage loan can be a curse. It's a form of paradox actually. It first looks like it's something good, but it can really be something bad as well. However, this paradoxical relationship doesn't mean you shouldn't get a second mortgage. It simply means that you'd better know what you're getting into, and how long you're going to be into it before you get to the commitment stage with a banking/loan institution. People sometimes jump the gun when they see a very attractive second mortgage home equity loan rate, and rather than do their financial homework carefully, they jump into a second mortgage loan just because of the attractive second mortgage rates. If they can't afford to make the payments consistently, then attractive second mortgage rates were never a good idea: thus, taking something possibly good, and making it bad. The reverse is also very true, where someone has a genuine need of a second mortgage to finance a dream, or get to out of an older higher rate, and so they are able to make some dreams come true, and they are also able to make the new payments consistently: thus, taking something bad, and making it good.