 TITLE: Selling Your Home With a Second Mortgage CONTENT: Know What Type of Second Mortgage You Have\n------------------------------------------\nBefore you take any steps toward selling your house, look carefully at your mortgage documents to understand the type of loan you are working with.\n*   **Home equity loan**: The bread and butter of second mortgages is the home equity loan, a one-time installment loan based on the equity you've accrued in your home. With this loan, similar to a first mortgage, you repay the amount borrowed over a set period of time often in fixed monthly payments. Each payment goes toward a portion of the interest costs and your loan balance.\n*   **Home equity line of credit (HELOC)**: A HELOC is a credit line you can draw from with a maximum borrowing limit. A type of revolving credit similar to a credit card, a HELOC allows you to repay and borrow repeatedly up to your credit limit. END