reverse mortgage
noun
: a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home
Example Sentences
Recent Examples on the Web Another option is to tap home equity with a reverse mortgage line-of-credit. 
Anne Tergesen, WSJ, 30 Aug. 2022 Paying Off the Existing Mortgage With a HECM Reverse Mortgage Instead of liquidating assets to pay off the mortgage, the retiree can take out a HECM reverse mortgage. Jack Guttentag, Forbes, 12 Aug. 2022 Understand the benefits Unlike a traditional mortgage, which is considered a forward loan, a reverse mortgage doesn’t involve making payments to a lender. Joel Johnson, Forbes, 6 July 2022 To make ends meet, she's taken out a reverse mortgage on her Portland, Maine, home that yields $400 monthly. Judith Graham, CBS News, 27 July 2022 Most residents took buyouts and moved, but Guillen stayed on, taking a reverse mortgage on the property. Washington Post, 11 Feb. 2022 These include working longer, buying annuities from an insurance company, taking out a reverse mortgage and generating income from rental properties, noted Steve Vernon, a consulting research scholar at the Stanford Center on Longevity. Russ Wiles, The Arizona Republic, 27 Feb. 2022 The retiree who is a homeowner can add a HECM reverse mortgage to the plan and draw a credit line which can be drawn on for any purpose. Jack Guttentag, Forbes, 28 Jan. 2022 The way to protect the retiree member against the hazard of over-paying is to act as the client’s agent, selecting the best terms on both the annuity and reverse mortgage. Jack Guttentag, Forbes, 28 Jan. 2022 See More
Anne Tergesen, WSJ, 30 Aug. 2022 Paying Off the Existing Mortgage With a HECM Reverse Mortgage Instead of liquidating assets to pay off the mortgage, the retiree can take out a HECM reverse mortgage. Jack Guttentag, Forbes, 12 Aug. 2022 Understand the benefits Unlike a traditional mortgage, which is considered a forward loan, a reverse mortgage doesn’t involve making payments to a lender. Joel Johnson, Forbes, 6 July 2022 To make ends meet, she's taken out a reverse mortgage on her Portland, Maine, home that yields $400 monthly. Judith Graham, CBS News, 27 July 2022 Most residents took buyouts and moved, but Guillen stayed on, taking a reverse mortgage on the property. Washington Post, 11 Feb. 2022 These include working longer, buying annuities from an insurance company, taking out a reverse mortgage and generating income from rental properties, noted Steve Vernon, a consulting research scholar at the Stanford Center on Longevity. Russ Wiles, The Arizona Republic, 27 Feb. 2022 The retiree who is a homeowner can add a HECM reverse mortgage to the plan and draw a credit line which can be drawn on for any purpose. Jack Guttentag, Forbes, 28 Jan. 2022 The way to protect the retiree member against the hazard of over-paying is to act as the client’s agent, selecting the best terms on both the annuity and reverse mortgage. Jack Guttentag, Forbes, 28 Jan. 2022 See More Word History
First Known Use
1977, in the meaning defined above
Legal Definition
reverse mortgage
see mortgage