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

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Also called equity conversion, reverse mortgage.

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Based on the Random House Dictionary, © Random House, Inc. 2012.
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Main Entry:	reverse annuity mortgage
Part of Speech:	n
Definition:	See reverse mortgage

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