senior mortgage

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Senior Mortgage

A mortgage that is secured by a lien on a property and that has preference to another mortgage on the same property. In general, the senior mortgage is the original mortgage; one takes out a junior mortgage to pay for home repairs or for other reasons. In the event of default or bankruptcy, the senior mortgage must be paid entirely before the junior mortgage is paid at all. As a result, a senior mortgage carries a lower interest rate than a junior mortgage. See also: Piggyback mortgage.

senior mortgage

See first mortgage.

References in periodicals archive ?
Paul Dittmann, head of senior mortgages at M&G Investments said, This good quality portfolio being bought by a Dutch sponsor was the right transaction for us to enter the Dutch market with this senior mortgage financing loan .
The senior mortgage financing is supported by a portfolio of 1,250 residential units in the Netherlands plus several commercial properties.
The main, but rarely mentioned, reason the Big Four demand a "safe harbor" is to protect them while they modify the senior mortgages they do not own while preserving the junior mortgages they do own.
5 billion of real estate transactions and assignments including senior mortgages, mezzanine mortgages, strategic asset sales, private equity placement and real estate valuations.
These financing deals include a combination of senior mortgages, mezzanine debt and preferred equity structures.

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