Reverse-annuity mortgage

What is Reverse-annuity mortgage?

Reverse-annuity mortgage meaning in finance terminology / glossary / dictionary is:
Reverse-annuity mortgage is a type of real estate property loan that provides a stream of income payments to an elderly homeowner. These income payments are guaranteed until the borrower passes away. Debt repayments are not required until the borrower no longer lives in the home; at that time, the lender gains ownership of the home and sells it to recover the funds borrowed.

 

reference: MortgageLoan.com

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