WRAPAROUND MORTGAGE


Meaning of WRAPAROUND MORTGAGE in English

A second mortgage which leaves the original mortgage in force. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments on both loans to the wraparound lender, who in turn makes payments on the original senior mortgage.

Campbell R. Harvey. Hypertextual finance English glossary.      Английский словарь гипертекстовых финансов.