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Words related to mortgage

mort·gage
M m

  • wraparound mortgage

    a mortgage, as a second mortgage, that includes payments on a previous mortgage that continues in effect.

  • foreclose

    Law. to deprive (a mortgagor or pledgor) of the right to redeem his or her property, especially on failure to make payment on a mortgage when due, ownership of property then passing to the mortgagee. to take away the right to redeem (a mortgage or pledge).

  • growing-equity mortgage

    a type of mortgage under which the interest rate is fixed but monthly payments increase annually to include more of the principal, so that the mortgage can be paid off in about half the conventional term.

  • renegotiable-rate mortgage

    a type of home mortgage for which monthly payments stay constant for a term, usually of three to five years, and the interest rate is renegotiated at the end of every such term until the loan is paid off. Abbreviation: RRM.

  • reverse annuity mortgage

    a type of home mortgage under which an elderly homeowner is allowed a long-term loan in the form of monthly payments against his or her paid-off equity as collateral, repayable when the home is eventually sold. Abbreviation: RAM.

  • second mortgage

    a mortgage the lien of which is next in priority to a first mortgage.
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