Do Home Equity and Second Mortgages Need Renewal or Refinacing?

[Ivan2012]

Was wondering, do second mortgages and home equity loans need refinancing and renewal?

Let's say I got a home equity loan. Does it need renewal (like regular mortgage)? Can it be refinanced? Should it be?

Same for a second mortgage. Say I got one, does it work like a regular mortgage? Does it need renewal and can it be refinanced?

Would appreciate your help. This forum is very nice and I cant find this info anywhere.

[Thalo]

A 2nd mortgage, assuming it's a term mortgage, will need renewal when the term is up. A HELOC, since it doesn't have a term, doesn't need to be renewed. Refinancing is only necessary when you want to reorganize the mortgages against your property in some way, so no refinaning is not necessary.