reverse mortgage

noun

Definition of reverse mortgage

: 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 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 If paying back the money would be a hardship, a reverse mortgage might be an option. Liz Weston, oregonlive, 1 Jan. 2022 Some elderly homeowners who have taken out a reverse mortgage may also qualify. The Week Staff, The Week, 14 Aug. 2021 The reverse mortgage business has cleaned itself up quite a bit following bad press and Congressional initiatives in the 1980s. Next Avenue, Forbes, 15 Oct. 2021 Yet fewer than 1% of eligible households have taken out a reverse mortgage, according to a Brookings Institution report. Next Avenue, Forbes, 15 Oct. 2021 See More

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'reverse mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of reverse mortgage

1977, in the meaning defined above

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Time Traveler for reverse mortgage

Time Traveler

The first known use of reverse mortgage was in 1977

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Dictionary Entries Near reverse mortgage

reversement

reverse mortgage

reverse of the medal

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Statistics for reverse mortgage

Last Updated

16 May 2022

Cite this Entry

“Reverse mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/reverse%20mortgage. Accessed 23 May. 2022.

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More Definitions for reverse mortgage

reverse mortgage

Legal Definition of reverse mortgage

— see mortgage

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