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The life of second mortgage loans may vary. They can be one year, 15 years, or 20 years. Select the repayment terms that fit you and your needs for the second mortgage. If you are borrowing money a large amount of money for home improvements -- say, $50,000 -- you may need a longer repayment period on your home equity loan.
Talk to your lender about how you plan to use the money to find out the terms that you can afford.