About two-thirds of homeowners with mortgages are sitting pretty with a rate below 4% — and feeling stuck. With rates almost double where they were last year, housing inventory stubbornly low, and prices still high, they can’t afford to move.
It may be easier to fix what you don’t like about your current house than to find a new one. Renovating a kitchen, adding an extension or upgrading an old bathroom may be cheaper, too.
But how to finance it? There’s no great option, but one product that fell into disrepute during the Great Recession might be worth another look: second mortgages.
