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Simple English definitions for legal terms
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A rollover mortgage is a type of adjustable-rate mortgage where the lender can adjust the interest rate periodically based on market conditions. The mortgagee must renegotiate the terms of the mortgage every three to five years.
These examples illustrate how a rollover mortgage works. The mortgagee must renegotiate the terms of the mortgage periodically, which can result in changes to the interest rate and monthly payments.