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The first is a mortgage or, less commonly, a deed of trust. The other is a promissory note. The mortgage or deed of trust will state that the mortgaged property provides the security interest for the loan.

A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.

A mortgage involves two important legal documents: a promissory note and either a mortgage document or deed of trust.

Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.

What Paperwork Do I Need to Get a Reverse Mortgage? Proof of Identification and Age. You'll need to prove who you are and that you're at least 62 years old. ... Proof That Your Home is Your Primary Address. ... Proof of Sufficient Income. ... Proof of Reverse Mortgage Counseling.

But actually, the signed promissory note represents a promise to repay the mortgage or loan, along with the repayment terms. The promissory note describes the debt's amount, interest rate, and late fees. A lender holds the promissory note until the mortgage loan is paid off.