second mortgage

(redirected from second mortgages)
Also found in: Thesaurus, Financial.

second mortgage

n.
A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage.

second mortgage

n
(Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.second mortgage - a mortgage that is subordinate to a first mortgage
mortgage - a conditional conveyance of property as security for the repayment of a loan
Mentioned in ?
References in periodicals archive ?
IN ASSOCIATION WITH Second mortgages often run for shorter periods than standard remortgages.
These second mortgages have their uses - but can have drawbacks.
The second-mortgage modification programme allows customers who availed second mortgages to lower payments or eliminate the loans entirely.
Instead, many housing experts say, second mortgages -- like home equity loans and lines of credit -- are largely to blame.
The financings included $33 million in first and second mortgages and $6 million in lines of credit.
The other trend brokers report is an increase in second mortgages and a shift to larger seconds, which are typically structured as a line of credit and therefore vulnerable to rising interest rates.
In order to implement this program, AHR capitalized a revolving loan fund to provide the second mortgages.
A second class of individuals who would be unintended victims of this legislation would be people who are starting small businesses and using their homes as equity for fixed-term second mortgages.
A city commission has decided to punish the "tin men" who steal the equity in people's homes through shoddy work and overpriced second mortgages.
In 1987, Roth discovered his personal investment and the trust's investment in second mortgages were worthless.
The bank has become the second bank to sign up for a government programme aimed at modifying second mortgages.