A mortgage that can be taken over ("assumed") by the buyer when a home is sold.
A provision in an assumable mortgage allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon the sale or transfer of the property.
Note: The statements contained herein are based upon information we deem reliable and which we believe to be correct, but assume no liability for errors or omissions therein.
