A California lender is taking high-loan-to-value mortgage products in a new direction with a loan that travels with borrowers when they move.

This new hermit-crab-style debt instrument, dubbed the Portable 2nd by lender Stuart-Wright Mortgage Inc., allows borrowers to move without paying off the loan-even if they've borrowed up to 135% of the old home's value. Once their in the new home, the second mortgage balance is transferred-for a 2-point fee.

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