Mortgage in which the mortgagor is allowed to re-borrow against principal that has been paid so far.
One which provides that the outstanding balance can be increased in order to advance additional loan funds to the borrower, up tothe original sum of the note.
a lien from the time of record for the full debt, but an advance after the lender receives written notice of a lien or encumbrance and is not obligated to advance is subordinate to the lien or encumbrance except when for the improvements
a loan that allows additional borrowing at a later date
a mortgage that includes a clause by which the borrower can obtain additional advances from an existing amortized loan for up to the amount that has been amortized
A mortgage loan that can be expanded up to a maximum amount, and secured by the same real property.
A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges.
A mortgage agreement that permits additional borrowing in the future without refinancing the loan or paying additional fees... read full article
A mortgage or deed of trust written so as to secure and permit advancing of funds in addition to the amount originally loaned.
Trust Deed mortgage that allows additional money (secured by the same collateral) to be advanced by the lender. Credit lines are sometimes considered open-end mortgages. For more information, see the "Home Equity Lines of Credit" article in the "Loan Programs" section.
A mortgage allowing the borrower to receive advances of principal from the lender during the life of the loan. See also: closed-end mortgage.
A mortgage (or deed of trust) that, in addition to the original obligation, secures additional advances made by the lender after the date of execution of the mortgage. Additional advances may be either optional or obligatory. (See, also "Future Advance Clause.")
a type of mortgage loan which permits borrowing additional funds against the same collateral.
A mortgage that becomes security for an original loan to a borrower and any additional advances that may be made by the lender at a future date.
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.
Mortgage against which additional debts may be issued. Related: closed-end mortgage.
Provision in a mortgage (or deed of trust) by which additional advances of money made by lender to borrower after execution of the security instrument are also secured by it.
A mortgage with a provision that the outstanding loan amount may be increased upon mutual agreement of the lender and the borrower.
A mortgage or trust deed that can be increased by the mortgagee (borrower). The mortgagee may secure additional money from the mortgagor (lender) though an agreement which typically stipulates a maximum amount that can be borrowed.
A loan amount that can be increased upon mutual agreement of the lender and the borrower.
A mortgage containing a clause that permits the mortgagor to borrow money after the loan has been reduced without rewriting the mortgage.
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.
