Silent Second

Definition of "Silent Second"

Patricia M. Smith
  Bettr Homes & Gardens

A second mortgage offered at preferential (subsidized) terms to those who qualify.
For example, a labor union may offer members who are first-time home buyers a silent second to
finance closing costs or the down payment. The second might bear no interest and might not be
repayable until the first mortgage is repaid or the property is sold.

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