reverse mortgage

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reverse mortgage

n.
A mortgage in which a homeowner, usually an elderly or retired person, borrows money in the form of annual payments which are charged against the equity of the home.
References in periodicals archive ?
About Reverse Mortgages Reverse mortgages are available to homeowners age 62 and older with significant home equity.
Our HECM products enable financial institutions to easily incorporate reverse mortgages into their offering.
Reverse mortgages are a complex and often misunderstood product.
Currently the only state that doesn't let seniors use reverse mortgages for purchasing homes, Texas could switch course if voters approve a constitutional amendment in the Nov.
A reverse mortgage loan officer can be a valuable resource to sorting through the maze of confusion that often arises when senior citizens begin to look into reverse mortgages.
MetLife's report, "Changing Attitudes, Changing Motives: the MetLife Study of How Aging Homeowners Use Reverse Mortgages," done in conjunction with the National Council of Aging (NCOA), uncovered a similar downward drift.
Wells Fargo Home Mortgage (NYSE: WFC) has said that it will discontinue the origination of Home Equity Conversion Mortgages (HECM), commonly known as reverse mortgages.
Lately, reverse mortgages have been in the news, not all of it good.
The economic downturn has hit a lot of boomer credit union members especially hard in their retirement accounts, but executives familiar with reverse mortgages say the product can be a useful tool to help those members salvage retirement plans.
Reverse mortgages, which pay monthly or lump-sum amounts to borrowers while accrued interest is compounded over time, have become an increasingly popular option for seniors in today's economy.
While reverse mortgages have been marketed as a way for seniors to meet their financial needs, there may be new interest in using such funds to help children, grandchildren or even non-house-owning parents.
A growing number of senior citizens are securing reverse mortgages to increase their cash flow in retirement or to avoid financial troubles, a sign of growing financial insecurity among people whose retirement savings have been devastated.