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LSDefine

Simple English definitions for legal terms

open-end mortgage

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A quick definition of open-end mortgage:

An open-end mortgage is a type of loan where a person can borrow more money against their property even after they have already taken out a mortgage. This is different from a closed-end mortgage, where a person cannot borrow more money once the mortgage is taken out. With an open-end mortgage, the borrower can keep borrowing money as long as they have equity in their property. It's like having a credit card with a limit based on the value of your home.

A more thorough explanation:

An open-end mortgage is a type of mortgage that allows the borrower to borrow additional funds against the same property. This means that the borrower can take out more money from the lender without having to go through the process of applying for a new loan.

For example, let's say a borrower takes out a $100,000 open-end mortgage on their home. After a few years, they need to make some repairs to the house and want to borrow an additional $20,000. With an open-end mortgage, they can simply request the additional funds from the lender and, if approved, the lender will add the $20,000 to the existing mortgage balance.

Open-end mortgages are useful for borrowers who may need to borrow additional funds in the future, such as for home improvements or unexpected expenses. They can save time and money by avoiding the need to apply for a new loan each time they need more money.

open-end fund | open entry

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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