👉 "Dis-mortgaged" is a phrase that refers to something being mortgaged or secured against. In finance, it means that a borrower has borrowed money from another party and then uses the proceeds of the loan to pay back the lender. If the borrower defaults on the loan, they may be held responsible for paying off the amount owed to them in full.
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What is the definition of Dismortgage? 🙋
👉 The term "dismortgage" is often used in the context of mortgage lending, specifically in relation to a loan that is secured by real estate. This type of mortgage allows borrowers to finance their home purchase or improvements with an amount of money that they can use for other purposes without having to take on any debt. In many cases, dismortgages are also known as "reverse mortgages," which allow homeowners who have experienced financial difficulties in the past to access their home equity and invest it into savings
