[b:cc1f4284f3]Lease hold mortgage[/b:cc1f4284f3] is a mortgage loan on a home, where the borrower does not actually own the title to the property. The borrower has a recorded long term lease on the property.
Important features:[list:cc1f4284f3][*:cc1f4284f3] Indirect Ownership - The property in not owned directly by the borrower.
[*:cc1f4284f3]Time period - It normally ranges up to 99 years, but it can be as long as 999 years for a lease hold commercial property.
[*:cc1f4284f3]Leasing of land - It is a mortgage on a home where the land is leased rather than owned.
[*:cc1f4284f3] Amortization - It carries a precondition to be amortized over a period that is shorter then the land lease.