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.
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