Mortgage - Law Dictionary Search Results
Home Dictionary Name: mortgage Page: 2Usufructuary mortgage
Usufructuary mortgage, Where the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee, and authorise him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property or any part of such rents and profits and to appropriate the same in lien of interest, or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage money, the transaction is called an unsurfructuary mortgagee and the mortgagee an unsurfructuary. [Transfer of Property Act (4 of 1882), s. 58(d)]...
reverse mortgage (hecm)
reverse mortgage (hecm) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. Source: U.S. Department of Housing and Urban Development ...
San-Mortgage
San-Mortgage, means, a species of mortgage in vogue in Gujarat which is not accompanied by possession of the property secured. Possession is not even necessary to validate it against subsequent mortgages; or even purchasers, whether there be or be not any notice of the san-mortgage. It is a custom recognized by law, Sobhagchand v. Bhaichand, 6 Bom 193 (DB)....
Mortgage by conditional sale and sale with a condition of repurchase
Mortgage by conditional sale and sale with a condition of repurchase, there is a clear legal distinction between the two concepts, a mortgage by condition sale and a sale with a condition of repurchase. The former is a mortgage, the relationship of debtor and creditor subsists and the right to redeem remains with the debtor. The latter is an out and out sale whereby the owner transfers all his rights in the property to the purchaser reserving a personal right of repurchase, Bhoju Mandal v. Debnath Bhagat, AIR 1963 SC 1906 (1907). [Transfer of Property Act, 1882, s. 58 (c)]...
standard mortgage clause
standard mortgage clause : a mortgage clause that is usually considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or nonpayment) called also union mortgage clause ...
Welsh mortgage
Welsh mortgage (now rare), a conveyance of an estate redeemable at anytime by the mortgagor, on payment of the loan; the rents and profits of the estate being received in the meantime by the mortgagee, in satisfaction of interest subject, however, to an account in Chancery. There is no covenant for the repayment of the loan, and the mortgagee cannot compel either redemption or foreclosure. A Welsh mortgage differs from a vivum vadium or vifgage, which is a conveyance of property to the creditor and his heirs, until out of the rents and profits of the estate he has satisfied the debt with interests; it was so called because either debt nor estate was lost. The distinction between these securities is, that in the vifgage the profits are applied in the periodical reduction of the debt, while in the Welsh mortgage they are applied in satisfaction of the interest, the principal remaining undiminished. In neither, however, is the estate ever forfeited. See 2 Br. & Had. Com. 299, and consult ...
rehabilitation mortgage
rehabilitation mortgage a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan. Source: U.S. Department of Housing and Urban Development ...
mortgage insurance premium (mip)
mortgage insurance premium (mip) a monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance. Source: U.S. Department of Housing and Urban Development ...
mortgage clause
mortgage clause : a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause ...
hecm (reverse mortgage)
hecm (reverse mortgage) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. Source: U.S. Department of Housing and Urban Development ...
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