open-end mortgage

Definition of "open-end mortgage"
  1. A type of mortgage that permits the borrower to get extra loans, generally up to a certain amount, with the same collateral
How to use "open-end mortgage" in a sentence
  1. Following the renovation of their house, they decided to go for an open-end mortgage to manage the expenses.
  2. Due to its flexibility, the borrower opted for an open-end mortgage instead of a conventional one.
  3. The bank suggested considering an open-end mortgage to manage the future medical expenses of their elder parents.

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