Implied call

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Implied call

The right of the homeowner to prepay, or call, a mortgage at any time.

Implied Call

The right of a mortgage borrower to pay off his/her mortgage loan at any time. Unless there are penalties attached in the loan contract, this causes the lender to lose any interest that would have accumulated had the mortgage continued to exist. This right is usually implied in the contract, and is assumed to exist unless the contract states otherwise. Theoretically, it could be exercised if a homeowner accumulated enough cash to pay off the mortgage outright; most often it is exercised when the homeowner re-finances his/her loan.
References in periodicals archive ?
The implied calls for a hit on Saddam, coming from quarters as diverse as New York Times columnist Thomas Friedman and Senate majority reader Trent Lott (who suggested that any attack "should not be a pinprick"), have reinforced the Iraqi regime's most paranoid fears.