- A mortgage condition or clause that states the loan must be paid in full when the property is sold. Commonly used in reverse mortgage lending.
transaction, condition, payment, fine print
Related Terms and Acronyms
- Closing Date (cloda) — Abbreviation,
- The date a buyer takes possession of a property title.
- Conditional Sale (C/S) — Acronym,
- An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Reverse Mortgage — Definition, Important,
- A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.