Definition of REVERSE MORTGAGE – Merriam-Webster – Reverse mortgage definition is – a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home.
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A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. Definition of Reverse mortgage in the Definitions.net dictionary. Information and translations of Reverse mortgage in the most comprehensive dictionary definitions resource on the web.
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Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
A reverse mortgage (rm) is a special kind of loan which can be obtained if you are at least 62 years of age (if married, the youngest must be at least 6 and own your own home, condo, or co-op. A Reverse Mortgage (RM ) converts a portion of the value (equity) of a home into instant cash.
reverse (comparative more reverse, superlative most reverse) Opposite, contrary; going in the opposite direction. [from 14th c.] We ate the meal in reverse order, starting with dessert and ending with the starter. The mirror showed us a reverse view of the scene.
What is a reverse mortgage? A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan, just like a traditional mortgage. Unlike a traditional mortgage, with a.
Reverse mortgage A mortgage agreement allowing a homeowner to borrow against home equity and receive tax-free payments until the total principal and interest reach the credit limit of equity, and the lender is either repaid in full or takes the house. Reverse Mortgage A loan borrowed against the value of.