Definition of escrow account

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TeachMeFinance.com - explain escrow account



escrow account -- an account established at a thrift institution into which a borrower makes monthly payments, usually a part of the monthly mortgage payment. The savings association draws funds from the escrow account to pay property taxes, insurance and any special assessments on the mortgaged property as they become due. Also called a reserve, impound, or trust account.



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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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