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Wrap-around mortgages are home purchase funding options where lenders assume mortgage notes on sellers’ existing loans. The wrap-around agreement is an addendum to the purchase agreement with many online templates available to create legally binding wrap-around agreements. Not all states allow them.
wraparound mortgage: Method used as an alternative to refinancing an entire existing mortgage loan when the mortgagor needs to borrow additional sums against the same asset. The lender combines the unpaid balance on the original loan with the new loan for which the borrower makes one between the first lender and the new.
A wraparound mortgage is simply a mortgage that a buyer issues to a seller, of which the principal amount includes the outstanding balance due on the existing indebtedness that encumbers the property.
A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, S, who has a $70,000 mortgage on his home, sells his home to B for $100,000.
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