A package mortgage is a type of mortgage arrangement where the principal amount loaned is increased by including both personalty (e.g., appliances) and realty (real estate) as collateral.
Personal property, also referred to as personalty, is any asset other than real estate. It includes items that are movable and not affixed to or associated with the land.
Personalty refers to all property that is movable and not fixed to land. It is distinct from realty, which pertains to real estate and immovable property.
