Assumable mortgage --a mortgage that can be transferred from a seller to
a buyer; once the loan is assumed by the buyer the seller is no
longer responsible for repaying it; there may be a fee and/or a
credit package involved in the transfer of an assumable mortgage.
assumable mortgage -- a mortgage contract that gives the mortgagor the option of transferring primary liability for payment of the mortgage to a buyer if the property is re-sold with interest rates and other terms of the original mortgage remaining in effect.
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