wraparound mortgage
Noun
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Noun
wraparound mortgage (plural wraparound mortgages)
- 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.
This text is extracted from the Wiktionary and it is available under the CC BY-SA 3.0 license | Terms and conditions | Privacy policy 0.002