Definitions for "assumable mortgage"
A mortgage that can be transfered with no change in terms. If an assumable...
MP] A mortgage contract that allows, or does not prohibit, a buyer from assuming the mortgage contract of the seller.
A mortgage held on a property by a seller that can be taken over by the buyer. The buyer then assumes responsibility for making payments. An assumable mortgage can make a property more attractive to potential buyers.
Keywords:  passed, owner, may, loan, property
Loan which may be passed to the next owner of the property.