What Is The Difference Between A Second Morgtage And Equity Loan?

It is a loan taken against your home on which there exists a primary mortgage. The home equity is used as collateral for the second loan.

The second mortgage has less priority compared to the first on the same property. So, if you default, you need to clear your first loan prior to paying off the outstanding balance on the second loan.

A home equity loan is a loan taken out against the amount of equity you have.
If your home is worth $300,000, and you owe $200,000, they you have
$100,000 in equity. This is the amount you can borrow against. You may
not be able to borrow the entire $100,000, there could be other factors
that determine how much you can borrow.

Before you do, make sure you understand all of the financial terms and
conditions of your home equity loan. Since you may have invested alot
in home ownership you don't want to put yourself in a situation to lose
your home from default.

Do plenty of research first.