2nd Mortgage Share

I thought for a mortgage is a mortgage. Buying a house, give your life, work hard to pay until they are 80: and what is the problem with a class 3 or 4 second mortgage? What does it mean? The Magic Conch says: Nothing. A second mortgage is simply a mortgage on the total value of the property. You buy a house $ 200 000. The owners are 40.16 billion and the loan repaid over time, users pay a deposit of $ 10,000, and says that the house is worth 50.00025 billion mortgages and remain as 150 000. The owner, 50 000 second mortgage because the house is worth more, so that the owner has more. A second mortgage is usually more expensive (plus interest) because it is a bit "more risk to the bank. And" generally cheaper than a loan just because it is secured by your home), that is, if you go bankrupt, the house sold, and the two banks trying to recoup their money by selling your home.