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