Legal Definitions - joint mortgage

A joint mortgage is a type of mortgage given to two or more mortgagees jointly. A mortgage is 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 two people want to buy a house together, they can take out a joint mortgage. This means that both parties are responsible for making the mortgage payments and both have an ownership interest in the property.