PIGGYBACK MORTGAGE
\pˈɪɡɪbˌak mˈɔːɡɪd͡ʒ], \pˈɪɡɪbˌak mˈɔːɡɪdʒ], \p_ˈɪ_ɡ_ɪ_b_ˌa_k m_ˈɔː_ɡ_ɪ_dʒ]\
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The second mortgage obtained by the owner of a house, taken at a similar period of time as the first mortgage. Generally, 10% of the value of the mortgage is paid as the initial downpayment, 10% is provided through the piggyback mortgage and the remaining 80% is given through the primary mortgage.
By Henry Campbell Black
