A second mortgage is a subordinate lien charge to a first mortgage registered on the title of a property in “second” position. The mortgagee (lender) loans money to a mortgagor (borrower) who grants a mortgage on a property as security. There can be as many liens registered on a title as there are lenders willing to provide funds to borrowers. This is the second highest position of security in the event of default of all secured debts on the property.