home equity conversion mortgage

Definition of "home equity conversion mortgage"
  1. A type of reverse mortgage that allows homeowners to convert their home equity into cash
How to use "home equity conversion mortgage" in a sentence
  1. The elderly couple decided to secure a home equity conversion mortgage to help fund their retirement.
  2. A home equity conversion mortgage can provide an additional source of income for homeowners nearing retirement.
  3. Many banks offer home equity conversion mortgage as part of their financial product suite.
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