Definitions for "Reverse Annuity Mortgage"
Instead of a payment plan whereby the debtor finances the purchase of real estate, a reverse annuity mortgage involves payments from the financial institution to a mortgagor who uses the substantial equity in his/her property as security. Eventually this type of loan has to be repaid or refinanced.
A type of mortgage developed for elderly homeowners with substantial equity wherein the mortgagee makes monthly payments to the mortgagor. Consequently, the homeowner is not forced to sell the home to meet fixed living expenses.
Arrangement where the mortgage makes advance payments from equity to the mortgagors then recovers the debt from proceeds of the sale of the property or the estate. Lenders offer RAMs to elderly homeowners with high equity and low cash flow.
Keywords:  retirement, desirable, plan
a desirable plan for retirement
Keywords:  thing, exists
No such thing exists.
Keywords:  special, type
a special type of