wraparound mortgage en · NOUN
Meanings
- 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
| Spelling | Features | Labels | Source |
|---|---|---|---|
| wraparound mortgages | Number=Plur | lexicographic |