Reverse Mortgage - Law Dictionary Search Results
Home Dictionary Name: reverse mortgagehecm (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 ...
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 ...
reverse mortgage
reverse mortgage see mortgage ...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Reversion
Reversion [fr. revertor, Lat.], that portion left of an estate after a grant of a particular portion of it, short of the whole estate, has been made by the owner to another person. it is thus described by Mr. Watkins (Conv. C. 16): 'When a person has interest in lands, and grants a portion of that interest, or in other terms, a less estate than he has in himself, the possession of those lands shall, on the deter-mination of the granted interest or estate, return, or revert to the grantor. This interest is what is called the grantor's reversion, or more properly, his right of reverter, which, however, is deemed an actual estate in the land, bearing the fruits of seigniory. Thus a grant to an estate by the owner of the fee-simple: to A. for life,' leaves in the grantor the reversion in fee-simple, which will commence in possession after the determination of A.'s life-estate; and this is called the particular estate; particular, as carved or sliced out of the larger estate or reversion.'S...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Puisne mortgage
Puisne mortgage. In the legal phraseology which was used before 1926 meant a mortgage sub-sequent to the mortgage of a legal estate, but for the purposes of the Land Charges Act, 1925, s. 10 (1) (Class C.), it is enacted that 'puisne mortgage' means any legal mortgage (including the first) of a legal estate not being a mortgage protected by a deposit of documents relating to the legal estate affected and (if the whole of the land affected is within the jurisdiction of a local deeds registry) not registered there. These mortgages, if created after 1925, must be registered at the Land Charges Registry, Red Lion Square, or they will lose priority; see, further, MORTGAGE CHARGE. Mortgages created before 1926 may be registered before transfer. This amounts to notice, but even this notice will not prevent tacking on further advances by a prior mortgagee if that mortgagee has not seen the register at the date of the first advance or has no other actual or direct notice. See TACKING.Under the ...
Run with the land-Run with the reversion
Run with the land-Run with the reversion. A covenant is said to 'run with the land,' either leased or conveyed in fee, when either the liability to perform it, or the right to take advantage of it, passes to the assignee of that land. A covenant is said to 'run with the reversion' to land leased when either the liability to perform it, or the right to take advantage of it, passes to the assignee of that reversion. Consult Spencer's case, (1583) 1 Sm LC 1, where a list of the covenants running with the land and not so running is given; and see, too, Woodfall, L & T.; Dyson v. Forster, 1909 AC 98.The benefit of a covenant made after 1925 running with the land is to be deemed to be made with the covenantee, his successors in title and the persons deriving title under him or them; and in connection with restrictive covenants, 'successors in title' includes owners and occupiers for the time being of the land intended to be benefited (Law of Property Act, 1925, s. 78). S. 58 of the Conveyanc...
Consolidation of mortgages
Consolidation of mortgages. When different pro-perties are mortgaged by the same mortgage or to the same mortgagee for different debts, it was formerly the right of the mortgagee to refuse to allow the mortgagor to redeem one of the mortgages without also redeeming the others, the effect being to throw the whole of the debts on the whole of the properties and thus 'consolidate' the mortgages. This right of the mortgagee was an application of the maxim, 'He who seeks equity must do equity'; it was not considered fair to the mortgagee to allow the mortgagor to pay off one mortgage, which perhaps was well secured, and leave the mortgagee with another mortgage on his hands which might be very insufficiently secured. But though the doctrine was not unfair or unreasonable as originally applied, it came to be extended to cases where, owing to devolutions of title having taken place, its application was manifestly unjust, and attempts were made by the Courts to limit its exercise. Finally, the...
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