I was chatting with a friend at work about loans and mortgages.
I told him it was my understanding that some / many / most residential mortgages have a clause where the lender could ask for the outstanding balance. My friend said he had never heard of such a thing for a conventional residential mortgage, and that he was 100% sure his did not have any such conditions allowing his lender to ask for remittance of the outstanding balance.
What are the types of usual mortgage agreements as it relates to outstanding balances and the lender calling them in etc.?