Having said this, you'll need cash to carry out renovations. This is where a second Florida mortgage offers you flexible terms and the means to pay for the new look you're planning for your home. Second mortgages in Florida were specifically designed for this purpose and are loans that use the existing equity of your home as security. While you gain extra cash, you will often find that the interest rates you pay for your second mortgage are lower than those you have paid or are still paying on your first.