reverse mortgage

noun

: a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home

Examples of reverse mortgage in a Sentence

Recent Examples on the Web Types of loans Conventional, FHA, VA, USDA, Arrive Home, Zero Down, jumbo, construction, refinancing, reverse mortgages Terms 15 to 30 years Credit needed 540 for FHA, VA and USDA loans; 600 for Zero Down; 620 for conventional loans, 680 for jumbo loans. —

Kelsey Neubauer, CNBC, 9 Aug. 2024 Seniors who own their homes outright or have substantial home equity can benefit from a reverse mortgage’s flexibility and financial support during retirement. —

Essence, 14 June 2024 Another option for a retiree with a burdensome mortgage is a reverse mortgage. —

Daniel De Visé, USA TODAY, 24 July 2024 The counselor will look at your goals, financial shortfall and income history to clarify whether a reverse mortgage is an appropriate choice, says Lederer. —

Nerdwallet, The Mercury News, 10 July 2024 See all Example Sentences for reverse mortgage

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'reverse mortgage.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1977, in the meaning defined above

Time Traveler

The first known use of reverse mortgage was in 1977

See more words from the same year

Cite this Entry

Style

“Reverse mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/reverse%20mortgage. Accessed 5 Oct. 2024.

Copy Citation