Joint Mortgage Law and Legal Definition

A joint mortgage is a mortgage with more than one mortgagor (borrower in a mortgage agreement). With a joint mortgage, both or all the borrowers will be equally liable for making the repayments, even if someone moves out. The lender can recover money owed from any one of them if someone fails to pay. It's also likely to be important to have mortgage protection insurance to pay off the loan if one of the borrowers dies.