USA Balloon Mortgage & Security Agreement
Prepare a Balloon Mortgage and Security Agreement for borrowers with this easy-to-use template.
- The entire unpaid balance of the mortgage loan and interest is due on the maturity date.
- The borrower (mortgagor) will pay all taxes, rates and assessments levied against the mortgaged property.
- The borrower must keep the mortgaged property insured for such risks and in such amounts as the lender may require.
- The borrower must get the lender's consent before making any alterations to the property, and must maintain the property in good condition and repair.
- If the borrower attempts to transfer all or any part of the property, the mortgage loan plus interest will immediately become due.
- The borrower waives all right of homestead exemption in the property.
- The mortgage will secure not only the borrower's existing debt to the lender, but any future advances made within 20 years of the date of the mortgage to the same extent as if they were made on the date of execution of the mortgage.
The USA Balloon Mortgage and Security Agreement is not state-specific. Some state laws require specific wording to be added to balloon mortgages. Check your state legislation online for details.