reverse mortgage
Senior homeowner loan
A reverse mortgage is a loan allowing homeowners, typically seniors, to convert home equity into cash without selling the property.
Unlike conventional mortgages, the borrower receives payments rather than making them.
The loan comes due when the borrower dies, sells, or moves out permanently: They took out a reverse mortgage to supplement their retirement income.
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- interest rateCost of borrowing money
- principalChief school administrator
origination fee · underwriting · servicing · closing costs · disbursement · lump sum · line of credit · HUD
Ownership portion of residence
- property valueMonetary worth of real estate
- appreciationRecognition of worth
- appraised valueExpert's price estimate
- loan-to-valueDebt-to-collateral ratio
net worth · collateral · asset · wealth
Debt secured by collateral only
- loan balanceDebt yet unpaid
- accrued interestEarnings accumulated but unpaid
- payoffCulminating benefit received
- heirsThose who inherit
estate settlement · refinance · move out · death · inheritance · beneficiaries · foreclosure · default
Higher in rank
- retireeOne who left work
- fixed incomeStable recurring revenue
- Social SecurityFederal old-age insurance program
- pensionRetiree's ongoing benefit
golden years · aging in place · financial security · nest egg · Medicare · long-term care · retirement income · elderly
Main place of habitation
- occupancyState of inhabiting space
- titleholderOne who holds a championship
- property taxLevy on owned land
- homeowners insurancePolicy protecting residential property
maintenance · dwelling · single-family home · condo · manufactured home · co-op · deed · ownership
lender
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- interest rateCost of borrowing money
principal · origination fee · underwriting · servicing · closing costs · disbursement · lump sum · line of credit · HUD · FHA
home equity
Ownership portion of residence
- property valueMonetary worth of real estate
- appreciationRecognition of worth
- appraised valueExpert's price estimate
loan-to-value · net worth · collateral · asset · wealth
non-recourse
Debt secured by collateral only
- loan balanceDebt yet unpaid
- accrued interestEarnings accumulated but unpaid
- payoffCulminating benefit received
heirs · estate settlement · refinance · move out · death · inheritance · beneficiaries · foreclosure · default · delinquency
senior
Higher in rank
- retireeOne who left work
- fixed incomeStable recurring revenue
- Social SecurityFederal old-age insurance program
pension · golden years · aging in place · financial security · nest egg · Medicare · long-term care · retirement income · elderly · longevity
primary residence
Main place of habitation
- occupancyState of inhabiting space
- titleholderOne who holds a championship
- property taxLevy on owned land
homeowners insurance · maintenance · dwelling · single-family home · condo · manufactured home · co-op · deed · ownership · residency requirement
- home loanshome equity, home improvement loan, fixed rate loan, fixed-rate loan, variable rate loan
- real estatehouse, home, apartment, property, sale
- mortgageshome loan, home loans, down payment, refinancing, refinance
- mortgage termshome loans, foreclosure, lien, interest rates, fixed rate
- Home Equityhome equity loan, home equity line, HELOC, equity line, LTV
- mortgage reliefloan modification, loan restructuring, forbearance, foreclosure prevention, payment plan
reverse mortgageconventional mortgage
Home loan without federal backing
home loan · mortgage · home equity loan · FHA loan · HELOC
reverse mortgageFHA loan
Federally insured home financing
VA loan · down payment · wealth building · mortgage payoff · nest egg
reverse mortgagefirst mortgage
reverse, reversal, mortgage, mortgages, irreversible, reversible, mortgaged, mortgaging, mortgagee