Related to Equity Mortgage:Growing Equity Mortgage mort·gage (môr′gĭj) n. 1.A loan for the purchase of real property, secured by a lien on the property. 2.The document specifying the terms and conditions of the repayment of such a loan. ...
The meaning of MORTGAGE is a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.
EQUITABLE MORTGAGE, Eng. law. The deposit of title-deeds, by the owner of an estate, with a person from whom he has borrowed money, with an accompanying agreement to execute a regular mortgage, or by the mere deposit, without even any verbal agreement respecting a regular security. 2 Pow...
The meaning of MORTGAGE is a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.
Noun1.mortgager- the person who gives a mortgage in return for money to be repaid; "we became mortgagors when the bank accepted our mortgage and loaned us the money to buy our new home" mortgagor debitor,debtor- a person who owes a creditor; someone who has the obligation of paying a...
Home equity represents the difference between your property’s market value and the remaining balance on your mortgage. Essentially, it’s the portion of your home that you fully own. You can grow your equity by consistently paying down your mortgage or making upgrades that enhance your home’s...
In its broadest sense, equity is fairness. As a legal system, it is a body of law that addresses concerns that fall outside the jurisdiction ofCommon Law. Equity is also used to describe the money value of property in excess of claims, liens, or mortgages on the property. ...
But in equity a right of redemption is an inseparable incident of a mortgage until the mortgager is debarred by his own laches, or by judicial decree. --Cowell. Kent. 2. State of being pledged; as, lands given in mortgage. Chattel mortgage. See under Chattel. To foreclose a mortgage. ...
Example of Mortgage Terms Your mortgage terms are the terms under which you agree to repay the loan to your lender. Atypical mortgage term is 30 years, though some mortgage loans may have terms ranging from 10 to 40 years instead. A home equity loan that’s used to draw out your equity...
A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage.