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Definition of second mortgage in English: second mortgagenoun A mortgage taken out on a property that is already mortgaged. Example sentencesExamples - 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.
Definition of second mortgage in US English: second mortgagenounˌsekənd ˈmôrɡij A mortgage taken out on a property that is already mortgaged. Example sentencesExamples - 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.
- What struck me was the number of people whose home was under threat from a second mortgage or secured loan.
- 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.
- A home equity loan is a second mortgage: You borrow a specific amount, usually at a fixed rate.
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