Second mortgages, also known as home equity loans or HELOCs, are a way for property owners to access a large sum of money at a low interest rate as it is secured by their home. This can be beneficial for major expenses such as renovations, debt consolidation, etc. There may also be tax benefits when the loan is used for certain purposes. However, there are risks associated with second mortgages such as potential for foreclosure or higher interest rates and fees. It is important to consider these risks before making a decision.