noun
Meaning 1
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.
Definition source: English Wiktionary via Wiktextract
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: none provided
Antonyms: none provided