1/3
is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual
What is Inheritance?
One who benefits from something; a person who is left money or other property in a will or the like
Who is the Beneficiary?
This is a specific type of loan that is used to buy real estate
A legally enforceable declaration of how a person wishes his or her property to be distributed after death.
What is a Will?
The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.
What is Philanthropy?
This is a home loan that is not backed by the federal government. Have either a fixed or adjustable rate.
What is a Conventional Mortgage?
A trust created by a property owner during his/ her life time for the purpose of providing financial care for the family or self.
What is a Living Trust?
This is an amount of money that a government or other institution gives to an individual or to an organization for a particular purpose/ for the public good.
What is a Grant?
This is a mortgage in which the entire remaining balance of the loan is due in one single payment
What is a Balloon Mortgage?
The person named in a will to handle the property of someone who has died and carry out the terms of the will.
Who is the Executer?
This is a contract granting use or occupation of property during a specified time for a specified payment
What is a Lease?
This is a mortgage in which the interest rate does not change during the entire term of the loan.
What is a Fixed Rate Mortgage?
Provides a clear plan for what should happen upon the death of an individual
What is Estate Planning?
This is the depositing of money, legal documents, and instructions with a third party to be held until the conditions of a contract are fulfilled
What is a Down Payment?
This is a type of subordinate mortgage taken out while the original, or first, mortgage is still being repaid
What is a Second Mortgage?