Definition of second mortgage in English:
A mortgage taken out on a property that is already mortgaged.
- 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 raise that amount of money, people generally take out second mortgages on their homes or go to friends and relatives.
Definition of second mortgage in:
- British & World English dictionary