Lifetime Reverse Mortgage: A type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, the property is sold, and the loan repaid.

 

Related Words

Lifetime Reverse Mortgage: A type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, . . . View Full Definition

Repayment Mortgages: A mortgage where throughout the term, regular payments are made to partly repay interest on the capital and to partly repay the capital itself (the amount of the loan). Initially the largest . . . View Full Definition

Residential Mortgage: Mortgage on a residential property, tax-deductible for individuals up to $1 million.

Real Estate Mortgage Investment Conduit (REMIC): A tax entity that issues multiple classes of investor interests (securities) backed by a pool of mortgages.

Re Mortgage: To re mortgage is arranging alternative finance for the purchase of a property which is already mortgaged.

Private Mortgage Insurance: Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect the lender in the event payments are not made on time; most often required when the loam . . . View Full Definition

Private Mortgage Insurance (PMI): When you buy a home with a down payment of less than 20% of the purchase price, your lender may require you to buy private mortgage insurance (PMI), which protects the lender against the ris . . . View Full Definition

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Reverse: An offensive play in which a running back carries the ball toward one side of the field but hands or tosses the ball to a teammate (almost exclusively a Wide Receiver) who is running in the . . . View Full Definition

Reverse A Swap: Reswap of bonds to gain the advantage of a yield spread or tax loss and restore a bond portfolio to its position before the original swap.