Long-Term Mortgage Law and Legal Definition

"Term" refers to the time for which money (a secured loan) is required and the period over which the loan repayment is scheduled. The definition of a long-term mortgage varies, but is generally a mortgage which lasts for 25 or more years. Long-term mortgages can be considerably more expensive than shorter mortgages because of the greater risks involved in lending for a longer period of time and because of the additional interest which compounds over such a long period of time.