Subsidized Second Mortgage

Concept of Subsidized Second Mortgage in the context of Real Property

A short definition of Subsidized Second Mortgage: A subordinate loan issued to a select group such as firefighters, police, teachers or low income borrowers. It may be issued by a state or local government agency or by a nonprofit organization. The mortgage has a low interest rate and may even be forgiven under certain circumstances. Also called a Community Second Mortgage.

Concept of Subsidized Second Mortgage in the context of Real Property

A short definition of Subsidized Second Mortgage: A subordinate loan issued to a select group such as firefighters, police, teachers or low income borrowers. It may be issued by a state or local government agency or by a nonprofit organization. The mortgage has a low interest rate and may even be forgiven under certain circumstances. Also called a Community Second Mortgage.