Meaning of “second mortgage” in the English Dictionary

business-english dictionary

"second mortgage" in Business English

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second mortgagenoun [ C ]

uk us also remortgage, also US home equity loan FINANCE, PROPERTY

a 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.

(Definition of “second mortgage” from the Cambridge Business English Dictionary © Cambridge University Press)