borrowed on a mortgage
31Variable Rate Mortgage — A type of home loan in which the interest rate is not fixed. The two most common types of mortgages in the United States are fixed rate and variable rate (also called adjustable rate). With a fixed rate mortgage, the interest rate does not change …
32first mortgage — A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default. Bloomberg Financial Dictionary * * * first mortgage first mortgage ➔ mortgage1 * * * first mort …
33Home Equity Conversion Mortgage - HECM — A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home… …
34Interest-Only Mortgage — A type of mortgage in which the mortgagor is only required to pay off the interest that arises from the principal that is borrowed. Because only the interest is being paid off, the interest payments remain fairly constant throughout the term of… …
35Open-End Mortgage — A type of mortgage that allows the borrower to increase the amount of the mortgage at a later time. Open end mortgages permit the borrower to go back to the lender and borrow more money if certain conditions have been met. There is usually a set… …
36amortizing mortgage — A mortgage in which all the principal and all the interest has been repaid by the end of the mortgage agreement period. Although equal payments may be made during the term of the mortgage, the sums are divided, on a sliding scale, between… …
37endowment mortgage — /ɪn daυmənt ˌmɔ:gɪdʒ/ noun a mortgage backed by an endowment policy COMMENT: The borrower pays interest on the mortgage in the usual way, but does not repay the capital. Instead, he or she takes out an endowment assurance (a life insurance)… …
38direct-reduction mortgage — ➔ mortgage1 * * * direct reduction mortgage UK US noun [C] PROPERTY, FINANCE ► a loan for buying a house or other property by which each payment reduces the amount borrowed as well as the interest on the loan …
39endowment mortgage — UK / US noun [countable] Word forms endowment mortgage : singular endowment mortgage plural endowment mortgages a mortgage with an endowment policy that is intended to pay back the money you have borrowed after a particular number of years …
40Construction Mortgage — A loan borrowed to finance the construction of a home and typically only interest is paid during the construction period. Once the construction is over, the loan amount becomes due and it becomes a normal mortgage. The money is advanced… …
