Definition: The term "mortgage is paid in arrears" means that a borrower has repaid the principal amount borrowed but continues to pay interest on top of this principal. In simpler terms, it's like paying off your house with monthly payments instead of making regular payments towards a loan. It can be a good thing for some people who want to pay down their mortgage faster and avoid late fees or penalties, but it might not work for everyone else because you're still getting interest on top of the principal amount. It's important to note that mortgage payment arrears are different from other types of debt like credit card or student loans. A loan is considered "paid in full" if you've repaid all your principal and interest, while arrears means that there's more than one month left on your loan. If you're struggling with paying off your mortgage but still owe a lot of money, it might be better to speak with a financial advisor or seek help from a government agency to figure out how much you can realistically manage financially and determine whether it's worth taking steps towards payment arrears or refinancing the mortgage.
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