Second Mortgage
/ˈsɛkənd ˈmɔːrɡɪdʒ/
Definitions
- (n.) A mortgage that is subordinate to a primary mortgage, creating a secondary lien on the property.
The borrower took out a second mortgage to cover additional renovations.
Forms
- second mortgage
- second mortgages
Related terms
See also
Commentary
A second mortgage ranks behind a primary mortgage in priority, impacting foreclosure rights and interest rates.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.