Open-End Mortgage legal definition of Open-End Mortgage
Also found in: Financial
A mortgage that allows the borrowing of additional sums, often on the condition that a stated ratio of collateral value to the debt be maintained. A mortgage that provides for future advances on the mortgage and which so increases the amount of the mortgage.
References in periodicals archive
The bonds are secured by a pledge of gross receipts, a security interest in present and future accounts receivable, contract rights, general intangibles, and an open-end mortgage
(on hospital property).
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.