What does Second Mortgage mean? Read on to discover the definition & meaning of the term Second Mortgage - to help you better understand the language used in insurance policies.
A second mortgage is a mortgage that a person takes out after they already have a mortgage on their home.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Second Mortgage. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: