From Longman Business Dictionarysecond mortgageˌsecond ˈmortgageFINANCEBANKING an additional mortgage that a borrower takes out on a particular property, as a way to obtain moneySYNHOME EQUITY LOAN AmE, REMORTGAGE BrESome small retailers finance their expansion plans by taking out second mortgages on their homes. → mortgage
