Taking out a second mortgage when you haven't paid off your first one is more complicated. You need to prove that your second mortgage is for a primary residence in order to get the proper rate and deposit requirement. And of course, you need to have enough funds to pay for both mortgages.

Refreshers needed
There's a good chance you haven't been involved in real estate for years and may need reminders on everything from what forms are needed to secure financing to new rates on pay property taxes. Again, be sure to find a broker and a lawyer who are really knowledgeable and let them know that it's been a while since you've been in the game. (More tips for empty nesters specifically here.)