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Impounds: A trust type of account established by lenders for the accumulation of borrower's funds to meet periodic payments of taxes, mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security.

Impound Account: Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or beneficiary pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.

Indemnity: Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.

Indemnity Agreement: An agreement by which one party agrees to repay another for any loss or damage the latter may suffer.

Ingress and Egress: A right to enter upon and pass through land.

In personam: Directed at specific persons rather than against property or generally for all people.

In rem: Pertaining to property or people in general.

Interest only payments: A mortgage where only the interest is paid on a monthly basis. This means that the buyer gets no equity. This is only used on some purchase money mortgages where the buyer is responsible for paying the seller the entire amount of the second mortgage at some time in the future.

Instrument : A written document.

Installment Contract: A method of purchasing by installment (usually monthly) payments. When referring to real property, it is usually called a land contract.

Institutional Lenders: Banks, savings and loan associations, and other businesses, which make loans to the public in the ordinary course of business, rather than individuals, or companies which may make loans to employees.

Insured Mortgage: A mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owning plus costs of foreclosure. May be insured by F.H.A, VA, or by independent mortgage insurance companies.

Intestate: Without leaving a will, or leaving an invalid will, so that the property of the estate passes by the laws of succession rather than the direction of the deceased.

Involuntary Lien: A lien, such as a tax lien, judgment lien, etc., which attaches to property without the consent of the owner, rather than a mortgage lien, to which the owner agrees.