What Is The Definition Of Mortgage

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Posted on February 14, 2019 at 03:10 AM

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A mortgage in which the lender is secured by taking possession of all the original title documents of the property that serves as security for the mortgage. It gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of nonpayment.
What is a Reverse Mortgage Explained - Definition & Rules
A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make. Borrowers are still responsible for paying taxes and insurance on the ...
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Definition of Private Mortgage Insurance (PMI): PMI. Mortgage insurance provided by nongovernment insurers that protects a lender against loss if the...

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