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A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.

In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or city registry first is called the first mortgage or first position trust deed. The lien registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.

Second mortgages are called 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 generally come with a higher interest rate than first mortgages.

In most cases, a second mortgage takes the form of a home equity loan and the two are synonymous, from a financial standpoint. The difference in terminology is that a mortgage traditionally refers to the legal lien instrument, rather than the debt itself.

Second Mortgage Subcategories Home Finance > Mortgage > Home Finance > Reverse Mortgage > Mortgage > > Reverse Mortgage > > Second Mortgage Articles How to Get a Second Mortgage in 2008 by Frank Jordan Mar 25, 2008 Normally, a person home is their largest asset they have. In addition, it is something you can live in comfortably and make improvements when the time comes. Recently, there has been a noticeable spike from homeowners taking money out of their home t... Reverse Mortgages: The Second Innings of Life by Antonio Redford Dec 17, 2007 In today’s fast paced world, there are many things that one has to keep in mind to move accordingly. One of the most important things among them is money. One needs money in every aspect of their life and therefore, one has to make sure that they hav... Take a Second Mortgage For Improving Your Home by Amanda Hash Dec 04, 2007 When you need finance for a home improvement project, you have many options at your reach. However, one that is not often considered and can turn out to be a very cheap source of founds is to take a second mortgage on the same property you are planni... Danger: Deed in lieu of foreclosure when you have a second mortgage by Richard Geller Nov 29, 2007 In a deed in lieu of foreclosure, you avoid a foreclosure by giving your property back to the mortgage lender. But what if you have a second mortgage on your property? Is deed in lieu an option? And if it's not, are there problems with forecl... Refinance your Arm's by Kuntal Mehta Nov 14, 2007 Don’t wait before it gets too late. Convert your Arm’s to fixed rate mortgage before they adjust. You should start looking for a refinance deal before rate adjustment hits. With Fed rate cut in last 2 sessions, interest rates are once again at afford... All You Should Know about Second Mortgages by Adam Heist Oct 27, 2007 A second mortgage is a supplement to the first mortgage. In simple terms, it can be defined as a property lien that is placed on a first mortgage. A second mortgage is also called as a home equity loan. When a person has been living in a home... Refinance your Home Loan and Get Extra Cash by Kate Ross Oct 19, 2007 Refinancing a home loan is a rather simple process. Yet it is smart to know what your options are before undertaking it. Many things have to be considered, you should compare lenders, rates, costs, interest types, etc in order to make a well informed... More women taking on two jobs to pay the mortgage by Paul McIndoe Oct 15, 2007 Pay packets are failing to keep up with rising mortgage repayments, prompting an increase in the number of people pressured by circumstances to take on second jobs. It is estimated that over 1.1 million UK workers have two or more jobs; a rise o... Advice on Purchasing the Second House by Ajeet Khurana Oct 13, 2007 Not everyone has the financial standing to buy more than one house. But those who do have the ability to do so are indeed fortunate. A house is great when it comes to securing the future. By investing in a house a person is ensuring that his worries ... Getting a Second Mortgage Interest Rate that you can Afford by Josh Spaulding Oct 12, 2007 A second mortgage, or a home equity loan, is a good option if you've got climbing debt and some equity built up in your home. Taking out a home equity loan or a home equity line of credit may be a viable solution for you, but only if you find the rig...