reverse mortgage

Definition of "reverse mortgage"
  1. A type of loan for homeowners aged 62 and older with significant house equity, which doesn't require repayments during their lifetime and is settled after they pass away through the sale of the house
How to use "reverse mortgage" in a sentence
  1. After retirement, she secured a reverse mortgage on her house to have a stable income.
  2. The couple decided to get a reverse mortgage to fund their medical expenses and travel plans.
  3. For some seniors, a reverse mortgage may be a suitable financial product to access the equity in their home.

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