wraparound mortgage

A second mortgage issued when a lender assumes the payments on the borrower’s low-interest first mortgage (usu. issued through a different lender) and lends additional funds.

• Such a mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned.12 CFR § 226.17 cmt. 6.

— Also termed extended first mortgage; all-inclusive mortgage.


专业法律词汇 词条贡献者
法律翻译徐玲,知名法学院保险法专业,专注翻译各类与保险追偿有关的法律文件。
Scroll to Top