Second Mortgage

A mortgage that has a lien position subordinate to the first mortgage.

A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term.

An additional mortgage on property. In case of a default the first mortgage must be paid before the second mortgage. Second loans are more risky for the lender and usually carry a higher interest rate.

Similar to a "mortgage." See "second mortgage" under "mortgage."

a loan with a second-priority claim against a property in the event that the homeowner defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid.