open-end mortgage

Definition

Mortgage in which the mortgagor is allowed to re-borrow against principal that has been paid so far.

Use open-end mortgage in a sentence

You may want to try and get an open-end mortgage if you are not sure when you can fully pay it off.

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Mike was so relieved that he had an open-end mortgage because he was desperately in need of additional cash flow to support his business.

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Open-end mortgages are seen as dangerous by some people because the mortgagor keeps borrowing against every bit of principal that has been paid previously and thus they can over-estimate their own capacity to clear this debt - which causes problems for everyone.

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