The questions below are a partial start.
Also, who wrote the note?
If it isn't a standard form, has a lawyer looked at it?
If you're not in first place in the debt order, what protection do you have in the event of a foreclosure of a prior lien?
Etc., etc., etc. ...
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If the home value is greater than both then yes it could be a decent deal depending on the amount of time to sell the property.
If the value is below the combined value then it would be a bad deal.