Open-End Mortgage


Also found in: Financial, Encyclopedia.

Open-End Mortgage

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Lenders can essentially "hold their place" by recording an "open-end mortgage" that states a maximum future amount.
2954, which would increase the threshold that triggers HMDA disclosures to 1,000 closed-end and 2,000 open-end mortgages.