second mortgage
15
4.9
- noun
- /ˈsɛkənd ˈmɔrɡɪdʒ/
- Specialized
:
segunda hipoteca
- I took out a second mortgage to pay for six years of college.
- take a second mortgage
- second mortgage on the house
- second mortgage on the property
We have people that haven't put out a second mortgage on their home to come here.
- We have people that haven't put out a second mortgage on their home to come here.
Examples
-
We already have a second mortgage on the house.
-
I'm going to have to take a second mortgage on the house.
Fiction book (2000) -
My husband and I refinanced our home in order to get a second mortgage.
Blog text (23) -
We took out a second mortgage on the house to get her one of those mobile dialysis machines so she doesn't have to go to the hospital every day.
-
I took out a second mortgage on my house to help pay for renovations.
-
Many homeowners opt for a second mortgage to consolidate their debts.
-
After reviewing their finances, they decided to get a second mortgage to finance their children's education.
Synonyms
526
5.4
A loan to buy a house where the bank can take the home if you do not pay
8
3.2
A loan to buy a house or other property that you pay back over time
Surface Forms
Morphology
The meaning ‘a mortgage taken after an initial mortgage’ is directly and transparently derived from combining 'second' (follows the first in sequence) with 'mortgage' (a loan secured on property). While some legal nuance about subordination may be new, an average B1 learner who knows both words will understand it as another/additional mortgage on the same property.
Etymology
The phrase second mortgage comes from a simple idea: when a house already has a 'first' mortgage, the owner can take a second mortgage using the same house as a promise to the bank. Because this loan comes after the 'first' one, the second lender stands 'behind' the first for being paid, so the phrase means another loan on a property that already has a loan.