Does secured debt allow you to refinance the loan to get money (equity) out in the event of an emergency?
Your mortgage is considered Secured Debt and if your payments are on time you can get a 2nd mortgage or equity loan. ChaCha.
Answered -
About Mortgage
A mortgage is a loan that is secured by a property/house and is paid in installments over a set period of time. For buying homes, mortgage loans are used almost always around the world, only in rare cases are cash or other forms of credit used for payment. The word mortgage comes from a Law French term meaning ''dead pledge.'' This means the pledge ends when the obligation is fulfilled, or the property is taken through foreclosure.
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