What Does a "Second Mortgage" Really Mean?

You'll often hear the term "second mortgage" come up when watching a movie or TV show when a character isn't in a great financial standing. "They had to take out a second mortgage on their house," a gossipy character will whisper, describing how their frenemy has fallen on bad times. But second mortgages get a bad rap--though risky, they're often a great tool to solve financial problems or even wisely get ahead.