Outrageously Funny Word Dictionary :: Remortgaged

👉 "Remortgaged" is a legal term that refers to the process of converting a mortgage from one type of loan (such as a first-time home purchase or commercial real estate loan) into another type of loan, such as a refinancing or a second mortgage. This involves paying off the original mortgage and replacing it with a new loan on the same property. Remortgaged mortgages are often used by homeowners who want to reduce their monthly payments or avoid early payment penalties.

remortgaged

👉 REMORTGAGED: A term that means to borrow money by lending it back to lenders after a period of time. The most famous usage is the 2019 Netflix documentary 'The Big Short,' where Joe Sferlis, the man who famously mocked the idea of remortgaging to make money on Wall Street, was played by actor Tom Hardy.

EDGY EXAMPLE: "If you're in a bad situation and need some cash, consider remortgaging. It's like borrowing a car and then putting it back into your garage."