Then there are the disadvantages of a perpetual mortgage. It is a type of rotating credit wherein the borrower is entitled to get top up on the same loan subject to a prescribed ceiling. Construction Daily Progress Report Template 5 - Templates Example Templates Example Daily Progress Progress Report Progress Report Template Open mortgages are unique in that they are a secured loan agreement against a property, with funds intended solely for investment in that property. What is an open-end mortgage agreement . The term “simple mortgage” was first introduced in great britain during the middle ages. What’s more, how does an open mortgage work? It remains open and it permits the lender to make advances on the loan that are secured by the original mortgage. Open mortgages provide the flexibility to repay all or part of your mortgage at any time during the period without paying a prepayment fee. In most cases, it is completely legal. Open mortgages can be fully paid off, refina...