A long-term note payable is often secured by a mortgage.

Name: A long-term note payable is often secured by a mortgage.
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A long-term note payable is often secured by a mortgage, which is a type of collateral that gives the lender the right to take possession of the property if the borrower defaults on the loan. The mortgage provides security for the lender and makes the loan less risky, which allows the borrower to obtain better terms and lower interest rates.

A Long-Term Note Payable Is Often Secured by a Mortgage