Mortgage companies are blasting direct mail campaigns that are targeting many homeowners in Southern California. You may not need to refinance your 1st mortgage, but chances are, you will want to access cash in the coming months. A fixed rate second mortgage or variable home equity credit line can get you cash, and a tax deduction without requiring you to refinance you low interest mortgage.

Second mortgage are effective financing vehicles for funding home construction, purchasing a second home or refinancing variable rate credit card debt. Home equity lines of credit are convenient, for people with changing plans. HELOC's can improve cash flow because only the interest is due on the portion of the line that you actually accessed.

This offers a financing arsenal for borrowers needing cash on a whim for investing, and purchasing rental properties. A homeowner armed with a home equity line of credit protects their family with a safety net of cash reserves in case a emergency or tragedy arises.

I recommend to all of my clients to establish a home equity credit line whether they think they need it or not. If they never use the credit line, then it never costs them a penny. There are no crystal balls in the world, so you have to plan for both opportunities, and financial hardships. Get a second mortgage or line of credit, while your credit scores are high.