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endowment mortgage |
Also found in: Wikipedia | 0.02 sec. |
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endowment mortgage n (Business / Insurance) an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a life assurance policy and only the interest to the mortgagee during the term of the policy. The loan is repaid by the policy either when it matures or on the prior death of the policyholder How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The official government line is that the problem of endowment mortgages has largely been solved. The problem with endowment mortgages is that homeowners need to get decent investment returns over the period of the loan in order to repay their mortgage, which is done in one big lump sum at the end of the term. Despite the bad publicity and the inherent problems, it may be that this type of mortgage is suitable for some people and a number of lenders still offer Endowment Mortgages. |
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