reverse annuity mortgage

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. 2012.
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Reverse annuity mortgage is always a great word to know.
So is slumgullion. Does it mean:
a scrap or morsel of food left at a meal.
a stew of meat, vegetables, potatoes, etc.
Dictionary.com's 21st Century Lexicon
Main Entry:  reverse annuity mortgage
Part of Speech:  n
Definition:  See reverse mortgage
Dictionary.com's 21st Century Lexicon
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