A mortgage that isn’t fully paid off at the end of the term of the loan. That resulting amount (see balloon payment) must be paid off at the end or must be refinanced.
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Law Dictionary » B » BALLOON MORTGAGE
TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.
A mortgage that isn’t fully paid off at the end of the term of the loan. That resulting amount (see balloon payment) must be paid off at the end or must be refinanced.