equity-conversion

equity conversion

Dictionary.com Unabridged

reverse annuity mortgage

noun
a type of home mortgage under which an elderly homeowner is allowed a long-term loan in the form of monthly payments against his or her paid-off equity as collateral, repayable when the home is eventually sold. Abbreviation: RAM
Also called equity conversion, reverse mortgage.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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