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open-end mortgage

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Open-end mortgage

Mortgage against which additional debts may be issued. Related: Closed-end mortgage.

open-end mortgage

A mortgage that permits the issuer to sell additional bonds under the same lien. If the amount of additional bonds is restricted, the mortgage is referred to as a limited open-end mortgage. Compare closed-end mortgage.

open-end mortgage

A mortgage loan that may allow future advances as the value of the property increases, up to a certain percentage of loan-to-value.The legal problem with this arrangement occurs when loan 1 is an open-end mortgage, lender 2 loans money to the borrower and takes a second mortgage, and then lender 1 advances additional money under its open-end mortgage. If there is a foreclosure or bankruptcy,and not enough money to pay everyone,in what order are the loans paid? The answer depends on the borrower's state, the precise language of the open-end mortgage, and/or whether lender 2 gave notice to lender 1 of the new loan. See future advances mortgage. Do not confuse with an open mortgage.

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