reverse mortgage

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reverse mortgage

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.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

References in periodicals archive

Reverse annuity mortgages, also known as home equity conversion mortgages, or reverse mortgages, were developed to address this need.

A mortgage for the 21st Century

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