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LSDefine
Simple English definitions for legal terms
general mortgage
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A quick definition of general mortgage:
A general mortgage is when someone borrows money to buy property and uses that property as security for the loan. If they don't pay back the loan, the lender can take the property. There are many different types of mortgages, like ones with adjustable interest rates or ones where you only pay interest at first. Some mortgages cover multiple properties, while others only cover one. It's important to understand the terms of your mortgage so you can make your payments on time and keep your property.A more thorough explanation:
A general mortgage is a type of mortgage that is used as security for the payment of a debt or the performance of a duty. It becomes void upon payment or performance according to the stipulated terms. The general mortgage can be defined as:
Definition: A conveyance of title to property that is given as security for the payment of a debt or the performance of a duty and that will become void upon payment or performance according to the stipulated terms.
For example, if a person takes out a loan to buy a house, the house is used as collateral for the loan. If the person fails to make the payments on the loan, the lender can foreclose on the house and sell it to recover the debt.
Other types of mortgages include adjustable-rate mortgages, balloon-payment mortgages, and conventional mortgages. Each type of mortgage has its own terms and conditions that must be met by the borrower.