senior mortgage(redirected from Senior Mortgages)
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
See first mortgage.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.