When personal property items such as a range,refrigerator,and household furnishings may be included in the home loan,which usually carries a longer term and lower interest rate than if the borrower had financed these items with a separate consumer loan,this is referred to as a:

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A package mortgage allows for personal property items such as appliances and furnishings to be included in the home loan, with a longer term and lower interest rate than if financed separately. A purchase-money mortgage refers to a mortgage used to purchase the property itself, not personal property items. A home equity loan and a reverse mortgage are both different types of loans that are secured by the borrower's equity in their home.

When Personal Property Items Such as a Range,refrigerator,and Household Furnishings