A second mortgage is a mortgage lien on your home in addition to your primary mortgage lien (i.e. your first mortgage). Typically, second mortgages take the form of a home equity line of credit.
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A second mortgage can be a home equity loan or a home equity line of credit taken out in addition to a regular mortgage. People obtain second mortgages in order to pay for home improvements, consolidate personal debt or to reduce the down payment on their primary mortgage.
The interest you pay on your second mortgage is tax deductible, just like with your first mortgage. The IRS does limit the amount, though. As of 2011, you can deduct the interest on up to $1.1 million in debt on both homes combined.