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| Home | Ask Your Question | Mortgage Glossary | ||
Reverse Mortgage, Reverse Annuity Mortgage, RAMA form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home. A mortgage used by the elderly that provides income as a way of converting their home equity into a cash payment (or series of payments) while retaining ownership of their property. Payments made cause the loan principal to increase. To qualify for a reverse mortgage in the United States, you must be at least 62 years old and have paid off all or most of your home mortgage. The lender allows you to stay in your house until you sell it, move out or die. If you live with a partner or spouse and they’re joint owners of the house, the reverse mortgage would be in both names so your home is protected as long as one of you lives there. |
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Related Mortgage Definitions: Mortgage Baked Securities, MBS Mortgage Baked Securities, MBS Mortgage-backed securities (MBS) are bond or other financial obligation secured by a pool of mortgage loans. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by purchasing entity. ... more... Mortgage Note Mortgage Note A written negotiable promise (agreement) to pay a sum of money plus interest at a set interest rate. The note is secured by a mortgage. In turn, mortgage is secured by property. Mortgage note states the amount of debt and the rate of interest, and makes the ... more... Secondary Mortgage Market Secondary Mortgage Market The place where primary mortgage lenders sell the mortgages to investors like Fannie Mae or Freddie Mac in order to obtain more funds for originating more new loans. Secondary mortgage market provides liquidity for the lenders. Government-sponsored ... more... Second Mortgage, Home Equity Loan Second Mortgage, Home Equity Loan A secured loan (mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence. Generally, second mortgage hass a higher interest rate and with shorter terms than a ... more... |
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