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Glossary > R > "Reverse mortgage" Definition

Reverse mortgage

A mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. The loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold.

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Reverse mortgage - A mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. The loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold.

Reverse mortgage : a mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. the loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold.