Pension Mortgage: A personal mortgage is a type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is us . . . View Full Definition
Pension: A pension is an employer plan that’s designed to provide retirement income to employees who have vested — or worked enough years to qualify for the income. These defined benefit plans promis . . . View Full Definition
Pension Benefit Guaranty Corporation (PBGC): The PBGC was created to ensure that participants in defined benefit pension plans under its jurisdiction will receive at least a basic pension if the plans are terminated because they’re und . . . View Full Definition
Participation Mortgage: A mortgage loan wherein the lender has a partial equity interest in the property or receives a portion of the income from the property.