REVERSE ANNUITY MORTGAGE


Meaning of REVERSE ANNUITY MORTGAGE in English

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. Abbr.: RAM Also called equity conversion, reverse mortgage .

Random House Webster's Unabridged English dictionary.      Полный английский словарь Вебстер - Random House .