One of the mysteries of the English language finally explained.
A mortgage taken out on a property that is already mortgaged.
- ‘To raise that amount of money, people generally take out second mortgages on their homes or go to friends and relatives.’
- ‘What struck me was the number of people whose home was under threat from a second mortgage or secured loan.’
- ‘A home equity loan is a second mortgage: You borrow a specific amount, usually at a fixed rate.’
- ‘Within minutes, the salesman had persuaded them to take out a second mortgage and pay off their credit cards.’
- ‘To pay for it all, Robinson took out a second mortgage on his house and sold some other property he owned.’
- ‘Junior loans, such as second mortgages, are wiped out upon foreclosure of any previously established loan.’
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