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LSDefine
Simple English definitions for legal terms
joint mortgage
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A quick definition of joint mortgage:
A joint mortgage is when two or more people take out a loan to buy a property together. The loan is called a mortgage and it is used to pay for the property. The mortgage is a legal agreement that says the property is used as security for the loan. This means that if the borrowers don't pay back the loan, the lender can take possession of the property. Joint mortgages are often used by couples or family members who want to buy a home together.A more thorough explanation:
A joint mortgage is a type of mortgage given to two or more mortgagees jointly. A mortgage is 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 two people want to buy a house together, they can take out a joint mortgage. This means that both parties are responsible for making the mortgage payments and both have an ownership interest in the property.