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Simple English definitions for legal terms

Shared equity mortgage

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A quick definition of Shared equity mortgage:

Shared equity mortgage: A type of mortgage where the lender owns a part of the house, usually half. This helps people with lower incomes get a mortgage because the lender has more security. When the house is sold, the lender gets their loan back plus their share of the profits. Shared equity mortgages may have rules about who can buy the house and how much it can be sold for later on.

A more thorough explanation:

Shared equity mortgage is a type of mortgage where the lender keeps a portion, normally half, of the equity in the house. This means that when a house is sold, the lender will be paid all of the loan plus their portion of the profits.

Shared equity mortgages are designed to help lower income individuals receive mortgages because the lender has more security by owning part of the property. However, shared equities may come with other requirements like limiting who can purchase the home or limit the sale price later on because shared equity lenders are often trying to limit housing costs for low income individuals.

Let's say you want to buy a house for $200,000 but you only have $20,000 for a down payment. You could get a shared equity mortgage where the lender puts up the other $80,000 for the down payment. In return, the lender would own half of the equity in the house.

Now, let's say you sell the house for $300,000. The lender would get their original $80,000 back plus half of the $100,000 profit, which would be $50,000. You would get the other $170,000.

This type of mortgage can be helpful for people who don't have a lot of money for a down payment but still want to buy a house. It can also be helpful for lenders because they have more security by owning part of the property.

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23:06
gulc said they'll get back to me by the week of june 17th
23:06
i hope they give me the a or r. i just want an answer 😭😭
has anyone on GW waitlist heard anything?
KnowledgeableRitzyWasp
23:55
@menherachan: praying for your WL A
0:13
@menherachan: i hope they give u that A as well
tysm! i hope so too lol
Hello everyone. Is it easy to miss important information about your admissions results if you don’t add your law school admission office to your Gmail contact? Did you find any important email from law school in your junk mail?
finna make yo hard times look pretty 😪
i watch my grandpa say penis
hys students when they see the above the law rankings 😪
@BelligerentMagicalWarthog: anecdote but a friend of mine got off the gulc waitlist in July last year
Write a poem rizzing up the admission staff
@Zenaida-Macroura: I got a waitlist on Saturday
Should I email HLS and ask if WL students get merch. They asked for my address for a surprise gift but I haven’t gotten anything
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8:58
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Zenaida-Macroura
8:58
More things to worry about over the weekend nice....
[] ararara
9:15
@Zenaida-Macroura: there’s no reason to worry ☮️ ❤️ but I/we get it! For me I’m super worried about not having any money coming in for a while plus no sugar mommy/daddy (yet!) to take care of me!
[] ararara
9:16
I always think back to when I was anxious waiting for my lsat results one take. I went to the park and a parent let me play with their kid. I fixed his truck and he was hyped! He told me to “have a good time!” when I left haha. He’s our spirit animal!
Zenaida-Macroura
9:33
@ararara: You're so sweet, this is nice to hear ty <3!!!!1
manifestmoreadmissions
9:36
@Zenaida-Macroura: I got admitted to a school on a sunday once
manifestmoreadmissions
9:39
@menherachan: ok first of best of luck!! second off did they tell you that like in a feeler or when you reached out to them or like some other way?
manifestmoreadmissions
9:39
@KnowledgeableRitzyWasp: i think its so cool when you say the schools im WL'ed by still have room
[] ararara
9:43
Yooo hahah we’ve also gotta play hard just like that kid we’re going to go crazy and break everything in this place happy Monday!!
okay guys if you were making a love songs playlist what would you put on it?
manifestmoreadmissions
9:47
greensleeves
Zenaida-Macroura
10:00
@baddestbunny: love by DEAN!!!!
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dammit he was supposed to be doing the whip
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