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I am looking into real estate and heard the term "wraparound mortgage any one know what this means ?

Here we go:

sellfinanced.com/forum/2-owner-financing...ortgage-work.html#45

When someone sells a home that is already financed by a note/mortgage, the lien remains in place and the new lender may make the payments to the old or the original lender.

a wrap around mortgage is a loan within a loan. Meaning, you are paying on a loan to a private lender while the private lender is paying on the original loan for the same piece of property or real estate. This is is useful strategy for investor because it allows them to maintain a piece of real estate while another party is covering the costs. This can be quite beneficial to both parties however, because in many cases the person paying the private lender does not meet bank requirements. By going this route, their credit is improving and they are creating equity in their own property. It really can be a win win for all parties.