Shared Appreciation Mortgage (SAM)
A mortgage on which the borrower gives up a share in future price appreciation in exchange for a lower interest rate and/or interest deferral. SAM's in the private market had a brief flurry in the early '80s but died out quickly and an attempt to revive them in 2000 was unsuccessful. Some cities on the West Coast offer second mortgage SAM's to residents with incomes below some maximum. Reverse mortgage SAM's have also appeared in small numbers.
Popular Mortgage Terms
A documentation requirement where the applicant's income is not disclosed. ...
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The amount the borrower promises to repay, as set forth in the loan contract. The loan amount may exceed the original amount requested by the borrower if he or she elects to include ...
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