If you own a second home or vacation home in a sought-after area, you may have seen even bigger equity gains than average.

But what happens if you want to tap that equity? Can you take out a home equity loan or HELOC on your second home?

The answer may be yes, but the rules are a little different than for your primary home. Here’s what to expect.

Home equity loans and HELOCs on second homes

Instead, you could access the value of your home using a cash-out refinance, home equity loan, or home equity line of credit (HELOC).

Cashing out on a second home can be more appealing to some homeowners than changing the mortgage on their primary home or reducing its equity. Continua a leggere