it is a loan to buy the property, the owner of record is you but actually the mortgage company possesses it until you pay off the loan
the mortgage company is not responsible for anything other than the insurance and taxes included in the escrow
they can't sell it, they can foreclose on it for non payment of mortgage
Its a loan secured against a property/land.
it's a deal where the bank makes you think you own your house ... but the day you muss a payment they take it away
Mort = death ... age is self explainitory
it is basically a deal (until death) to pay the bank to live in your house
In simple terms it is a loan to buy a primary residence (i.e. house or condo).
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EXPLAIN the definition. The one online is confusing.
