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Second Mortgage
Second Mortgage is another mortgage on the property which is already been pledged. In the case of default, second mortgage would receive proceeds from liquidation only after the initial mortgage is paid off. Because of higher risk on repayment, second mortgage will charge higher interest rate and lower amount of money is available for borrowing than in the case of initial mortgage.
Second mortgages are usually taken for debt consolidation, purchasing high-value assets or education.
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