wraparound mortgage (English, noun)
expansion: wraparound mortgage (plural wraparound mortgages)
Senses:
glosses: A form of mortgage in which the seller of a property extends to the buyer a junior mortgage which exists in addition to any superior mortgages already secured on the property. The seller accepts a secured promissory note from the buyer for the amount due on the underlying mortgage plus an amount up to the remaining purchase-money balance.
Forms:
form: wraparound mortgages
tags: plural