Michigan Model Adjustable Rate Note - Home Equity Conversion

• Category: Promissory Notes
• State: Multi-State
• Control #: US-01829
• Format: Word; Rich Text

Description

An adjustable rate promissory note is a note which contains provisions allowing for the changes in interest rates each year. If the interest rate increases, the Borrower's monthly payments will be higher. If the interest rate decreases, the Borrower's monthy payments will be lower. This model form allows for loan advances on the equity of the home value.