SECOND MORTGAGE
Second Mortgage is a kind of subordinate mortgage. Second Mortgage is conceived at a time when an original mortgage is currently enforced. The original mortgage receives all proceeds of liquidation in case of a default and will continue to receive proceeds until everything is paid off. Second Mortgage, in this case, will be receiving the repayments only in the case that the original mortgage has been paid off. Interest rates are typically higher for the second mortgage while amount borrowed is lower than the original mortgage.
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Hedge Clause
A disclaimer found in financial documents that protects authors of financial reports from liability for errors within the report.
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Credit Cliff
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