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"April 03, 2006 in Marine Mortgages | Permalink
Marine Mortgage Definition
"Marine mortgage" means a mortgage which is registered in accordance with the Merchant Shipping Act 1993 and by virtue of which a boat (but not any share thereof) is made a security for a loan.
So a marine mortgage is secured on the boat that it has financed, in a similar way that a house is."
From a UK web site. Apparently "marine mortgage" is a Britishism, or a UK concept, not a term we'd use in the US. From the IRS's point of view, a "home" is a "home" regardless of whether it is a boat or a cabin. From the lender's point of view...Are there any US-based lenders that offer "marine mortgages" as opposed to boat loans? How do they define it differently?
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