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open-end mortgage

   Also found in: Legal, Financial 0.01 sec.
open-end mortgage
A mortgage which permits the mortgager to borrow additional funds for improvements after the original loan has been made and permits him to repay them over an extended amortization period.


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A collateral mortgage is similar to an open-end mortgage in that future cash advances are given with the property held as security.
The fund is a $2 billion, co-mingled, open-end mortgage account, providing tax-exempt pension plans with investment opportunities in high-quality mortgages secured by income-producing properties.
 
 
 
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