Second mortgage
Definition
A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid. For articles on second mortgages, also known as "home equity loans," see Second Mortgages.
Related Terms Other terms related to 'Second mortgage' starting with the letter 'S' Stated assets, Shopping site, Simple interest biweekly mortgage, Shared appreciation mortgage, Scheduled mortgage payment Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 