How many mortgages can you take out on the same home?

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EthanR answered a question in Real Estate.
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EthanR answered 11 months ago …

I would think that after the second mortgage, there would be no more equity left in the property to mortgage. Unless of course, the first and second mortgages were both taken out years ago. But even then, why would you want a third mortgage, rather than just taking out a new first mortgage to combine all the debt into one loan, especially if the rate will be cheaper (2nd mortgages are always at higher interest rates than first because it is a greater risk to the lender to make them).

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