Definition: The movement mortgage is a type of mortgage in which a borrower transfers ownership of their home to a new owner while they are still living in it, usually for an extended period of time (usually 5-10 years). Moving into the home with a new partner or tenant can be done by buying property outright and renting it out as a secondary dwelling. The mortgage loan is then transferred from the borrower to the new tenant, allowing them to purchase the house outright. The movement mortgage typically involves a long-term relationship between the original borrower and their new tenant, with both parties having equal ownership rights over the home. This can be beneficial for the borrowers who may experience better financial stability or have a different lifestyle than what they had before. However, the term 'movement mortgage' is used to describe this type of loan because it involves a transfer of ownership from one party to another in a way that allows them to continue living in their home.
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