Related Words

Open-End Mortgage: Mortgage against which additional debts may be issued. Related: Closed-end mortgage.

Multiclass Mortgage Securities: Short- and long-term mortgage securities, with or without pass-through privileges.

Open End Mortgage: A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.

Mutual Mortgage Insurance: Insurance premiums and other specified FHA revenues are paid into one of four FHA funds. Losses due to foreclosure are met from these funds.

Mortgager: The borrower of a loan secured by property.

Mortgagee: In a mortgage transaction, the party who receives and holds a mortgage as security for a debt, the lender. A lender or creditor who holds a mortgage as security for payment of an obligation.

Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.

Open-End Credit: Revolving line of credit that is extended with every purchase or cash advance.

Open-End Fund: Used in the context of general equities. Mutual fund that continually creates new shares on demand. Mutual fund shareholders buy the funds at net asset value and may redeem them at any time . . . View Full Definition

Open-End Trust Deed: An expandable loan in which the borrower is given a limit up to which he or she may borrow, with each incremental advance to be secured by the same trust deed.