A reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally `defer payment of the loan until they die, sell, or move out of the home.` Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortage company. Specif.....
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http://en.wikipedia.org/wiki/Reverse_mortgage
A mortgage agreement allowing a homeowner to borrow against home equity and receive tax-free payments until the total principal and interest reach the credit limit of equity, and the lender is either repaid in full or takes the house.
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http://www.duke.edu/~charvey/Classes/wpg/bfglosr.htm
Is a type of loan available only to older, equity-rich owners. Repayment is not required until the borrower sells the property.
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http://www.encyclo.co.uk/local/20965
A mortgage agreement allowing a homeowner to borrow against home equity and receive tax-free payment
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http://www.encyclo.co.uk/local/22402
A loan against a home that can be paid to the homeowner as a lump sum, a cash advance or a line of credit. Used by some homeowners as a source of income in retirement.
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http://www.encyclo.co.uk/visitor-contributions.php
A mortgage that permits elderly people who own their home outright to receive an income with the... <a target=_blank href='http://www.finance-glossary.com/terms/reverse-mortgage.htm?id=1259&ginPtrCode=00000&PopupMode=false' title='Read full definition of reverse mortgage'>more</a>
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http://www.finance-glossary.com/pages/home.htm
A loan for homeowners 62 years of age or older who have considerable equity in their houses. Typically, borrowers make no payments during their lifetimes; the loan is paid off at their death, when the house is sold.
Found on
http://www.nolo.com/dictionary/reverse-mortgage-term.html
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