单词 | standing mortgage |
释义 | standing mortgageDefinition A mortgage where no provision for the payment of principal are made during the life of the loan. Only the interest is amortized during the loan term and the principal is only payable at maturity in a balloon note. If the borrower fails to pay the principal at maturity, the lender can repossess the property and use the proceeds of the sale to cover the debt. |
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