A second home may not be vacation paradise - 2004-01-05
The content second-home owners are those who are realistic about what they're getting into when committing to a vacation property. Here are some key considerations:

Consider all the costs. Second homes typically come with all the expenses associated with first homes, plus a few more. In addition to mortgage, taxes, maintenance, repairs and utility bills, you may face extra fees for boat storage, golf course use or upkeep of private roads.
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A fire does effect home equity - 2004-01-05
Question: What happens to home equity when a fire ravages a home? Can equity be utilized to help rebuild if the insurance is not enough?

Answer: Home equity is the difference between the property's market value and the total secured debts (such as a first and second mortgage). When a fire destroys a home, the market value obviously plummets, thus bringing the property market value down close to land value. In other words, the fire destroys the home equity.
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