SECONDMORTGAGE
Second mortgage
A second mortgage typically refers to a secured loan that is subordinate to another loan against the same property. Second mortgages are subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Thus, second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages.The above text is a snippet from Wikipedia: Second mortgage
and as such is available under the Creative Commons Attribution/Share-Alike License.