second mortgagenoun [ C ]
ukusalso remortgage, also US home equity loan FINANCE, PROPERTYa loan that someone gets using their property as security (= an asset that the lender can take if the loan is not paid back), when they have already used this type of loan to buy the property:
The bank offers a 20-year, fixed-rate second mortgage option at an amount up to 4% of the appraised value of the home.