Reference meaning
wraparound mortgage
Last updated
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.
Source and scope
This definition is reproduced from English Wiktionary, sense en-wraparound_mortgage-en-noun-p1gJLYm8, under the CC BY-SA 4.0. It has not yet received VocabularyBase editorial review. Read the source and license details.