Legal Definitions - general mortgage

A general mortgage is a type of mortgage that is used as security for the payment of a debt or the performance of a duty. It becomes void upon payment or performance according to the stipulated terms. The general mortgage can be defined as:

Definition: A conveyance of title to property that is given as security for the payment of a debt or the performance of a duty and that will become void upon payment or performance according to the stipulated terms.

For example, if a person takes out a loan to buy a house, the house is used as collateral for the loan. If the person fails to make the payments on the loan, the lender can foreclose on the house and sell it to recover the debt.

Other types of mortgages include adjustable-rate mortgages, balloon-payment mortgages, and conventional mortgages. Each type of mortgage has its own terms and conditions that must be met by the borrower.