There are First Mortgages and Second Mortgages, the former designed to allow you to purchase the home or totally refinance the original loan; the latter, also known as a Home Equity Loan, allows you to use your available equity to take out a subordinate loan in addition to your First Mortgage.
Many powers belonging to the federal government are shared by state governments. Such powers are called concurrent powers. These include the power to tax, spend, and borrow money. State governments operate their own judicial systems, charter corporations, provide public education, and regulate property rights.
Power is shared by a powerful central government and states or provinces that are given considerable self-rule, usually through their own legislatures. Examples: The United States, Australia, the Federal Republic of Germany. Unitary System. One central government controls weaker states. Power is not shared between states, counties, or provinces.