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.
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.
Contemporary definitions for reverse mortgage
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]