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
We urge you to immediately rescind all proposed changes in reporting thresholds for closed-end and open-end mortgage
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