reverse mortgage

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Main Entry:  reverse mortgage
Part of Speech:  n
Definition:  a type of loan, esp. for a retired or elderly persons, in which tax-free payments are borrowed from and up to the full equity in a home; also called reverse annuity mortgage, [home equity conversion mortgage]
Etymology:  1977-82
Dictionary.com's 21st Century Lexicon
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Example sentences
If you're attached to where you live, you can get a reverse mortgage.
Under a term reverse mortgage, the borrower is provided with income for a specified period.
Sales of insurance products in connection with reverse mortgage loan transactions.
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