Reverse mortgage means a nonrecourse loan under which both of the following apply:

Reverse mortgage means an extension of credit:

Reverse mortgage means an instru- ment that provides for one or more payments to a homeowner based on ac- cumulated equity. The lender may make payment directly, through the purchase of an annuity through an in- surance company, or in any other man- ner. The loan may be due either on a specific date or when a specified event occurs, such as the sale of the property or the death of the borrower.

Examples of Reverse mortgage in a sentence

Reverse mortgage loans are profitable for the loan originator and have the potential to create a negative impact on the borrower.
Reverse mortgage applicants are required to complete specialized home counseling courses to ensure they understand that through the process of the loan transaction they are losing both the equity and ownership of their home.

More Definitions of Reverse mortgage

Reverse mortgage means a written instrument evidencing or creating a nonrecourse loan secured by real property which:

Reverse mortgage means a non-recourse loan, secured by

Reverse mortgage means a nonrecourse loan that:

Reverse mortgage means a home equity conversion mortgage

Reverse mortgage means a loan collateralized by real estate, typically made to borrowers

Reverse mortgage means a residential mortgage transaction in which the lender provides loan proceeds to a borrower in a lump sum or in monthly installments with the expectation that the borrower will repay the loan from the proceeds of a sale or transfer of the real property that secures the loan.

Reverse mortgage means a reverse annuity mortgage or a