Definition: The word "can mortgage be transferred to another person" is a legal term that refers to the ability of one person to transfer ownership of an existing mortgage or loan. In other words, if someone has a mortgage on their home that they have bought with money from themselves and their family, and someone else wishes to buy the property, they may be able to obtain a new mortgage. This can happen through refinancing or by using a pre-approval for financing that allows them to transfer ownership of the existing loan. The term "can mortgage" is often used in the context of securing a loan, but it could also refer to any type of financial transaction where one party has an interest in transferring their own asset.
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