### Question
How does NATIONAL HOUSING define mortgage?


### Answer
Under *12 U.S.C. § 1707*, **mortgage** is defined as:

> a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than ten years to run beyond the maturity date of the mortgage

#### Citation:
  - *12 U.S.C. § 1707*
  - Heading: **CHAPTER 13-NATIONAL HOUSING > SUBCHAPTER II-MORTGAGE INSURANCE**

