Definition of second mortgage in English:

second mortgage

noun

  • A mortgage taken out on a property that is already mortgaged.

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