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

Examples of reverse mortgage in a Sentence

Recent Examples on the Web

Sherwood, who moved back into her childhood home in 2009 to care for her mother, said her mom took out a reverse mortgage on her ranch-style New Jersey house years ago, to help pay for her medical needs. — Madeline Mitchell, USA Today, 8 Aug. 2026

People who take out a reverse mortgage typically use it for supplementing income, making home repairs, or funding in-home healthcare. — Kelsey Neubauer, CNBC, 9 July 2026

After that, Anne Teague obtained a reverse mortgage for the house to cover maintenance. — Noel Brennan, CBS News, 25 June 2026

Word History

First Known Use

1977, in the meaning defined above

Legal Definition

reverse mortgage

see also:

mortgage