second mortgage

American  

noun

1. a mortgage the lien of which is next in priority to a first mortgage.

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second mortgage British  

noun

1. a mortgage incurred after a first mortgage and having second claim against the security

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Etymology

Origin of second mortgage

First recorded in 1900–05

Example Sentences

The most common type of down-payment assistance, according to Down Payment Resource, is a second mortgage, or piggyback loan, which has grown in popularity as affordability has challenged home buyers.

From MarketWatch

Plus, there was the $42,000 she still owed from a second mortgage on her home.

From The Wall Street Journal

“Any home buyer who assumes such a mortgage would still need to fund the rest of the home price somehow, either in cash or with a second mortgage.”

From Barron's

A big source of its growth had been the second mortgage.

From Literature

I have looked at home-equity investments, home-equity lines of credit, second mortgages, etc., all of which we don’t qualify for for one reason or another.

From MarketWatch