Answer:
"escrow" or "an escrow account"
Step-by-step explanation:
Money for taxes and insurance is collected from the homeowner and put into an account with very strict rules for its maintenance and accounting. The purpose of the account is to ensure that taxes and insurance are paid, so that the property maintains its value as security for the loan.
In general, an escrow account is held by a third party for specific purposes related to an agreement between the other two parties. Any kind of property or valuable can be placed in escrow for any period and subject to any agreed conditions. In relation to mortgage transactions, the escrow account ensures that funds are available for paying taxes and insurance on the property subject to the mortgage.
