Definition: Assumable loan mortgage refers to a type of mortgage where the borrower can choose to assume full or partial responsibility for any outstanding debts, including property liens and mortgages, if they default on their loan payments. This means that if the borrower defaults on their loan payment, they would be required to make up the difference with borrowed funds or repay any outstanding debt. The term "assumable loan mortgage" is also used in legal context, referring to a type of mortgage agreement where the lender agrees to assume full responsibility for any unpaid debts, including property liens and mortgages, if the borrower defaults on their payment.
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