What must a mortgage state in order to be valid for future advances?

For a mortgage to be valid for future advances, it is essential that the mortgage explicitly states it is securing future advances. This clarity is crucial because it allows lenders to maximize the security interest they hold in the property, as well as establish the terms under which they can make additional loans or advances against the same secured property.

When a mortgage includes specific language indicating that it covers future advances, it provides both the lender and the borrower with clear expectations regarding the potential for additional borrowing. This protects the lender's interest by ensuring that any future advances are adequately secured, thereby reducing the risk of issues related to the enforcement of the mortgage if default occurs.

Additionally, addressing the other options: while specifying the property being secured is important for general clarity regarding the collateral for the mortgage, it does not inherently indicate whether future advances are included. Similarly, clarifying the repayment schedule and validating by an attorney are common practices in mortgage agreements but are not requisite for the mortgage to be valid specifically concerning future advances. Therefore, the key requirement is the explicit mention of future advances within the mortgage itself.