Senior Mortgage

Concept of Senior Mortgage in the context of Real Property

A short definition of Senior Mortgage: The mortgage with higher priority than the mortgage to which it is compared. Example: A first (in time) mortgage would be senior to a second (in time) mortgage. A second mortgage senior to a third. The priority can change by subordination, making a second mortgage senior to a first, a third senior to a first or second, etc.

Concept of Senior Mortgage in the context of Real Property

A short definition of Senior Mortgage: The mortgage with higher priority than the mortgage to which it is compared. Example: A first (in time) mortgage would be senior to a second (in time) mortgage. A second mortgage senior to a third. The priority can change by subordination, making a second mortgage senior to a first, a third senior to a first or second, etc.