Reverse mortgage means a nonrecourse loan under which both of the following apply:

Reverse mortgage means an extension of credit:

Reverse mortgage means an instru- ment that provides for one or more payments to a homeowner based on ac- cumulated equity. The lender may make payment directly, through the purchase of an annuity through an in- surance company, or in any other man- ner. The loan may be due either on a specific date or when a specified event occurs, such as the sale of the property or the death of the borrower.

Examples of Reverse mortgage in a sentence

Areas Low-to-moderate income senior Reverse Mortgage borrowers who have suffered a hardship that has resulted in the inability to repay the amounts advanced on their behalf by their mortgage loan servicer for the payment of Property Charges.
Re: Reverse Mortgage Solutions, Inc's Motion for Relief from Stay Re: 00000 Xxxxxx Xxxx 000, Xxxxxxxx, XX 00000 Xxxxx X.
With regard to each Reverse Mortgage Loan submitted to Plaza, Xxxxxx has complied with each HUD requirement, rule, and regulation governing the origination of HECM loans, including without limitation those governing borrower counseling requirements, and disclosures relating to the total annual loan cost, loan program comparisons, loan amortization schedules, adjustable rate mortgage program disclosures, principal limit lock procedures, and a Good Faith Estimate of closing costs.
Reverse Mortgage: Reverse mortgage can be defined as "an agreement by which a home owner borrows against the equity in his home and receives regular tax free payments from the lender.'' Here equity is the value of the property over and above any mortgage or other liabilities relating to it.
Reverse Mortgage Benefit: The property must be subject to a reverse mortgage serviced by a HUD-approved HECM servicer or a regulated financial institution.

More Definitions of Reverse mortgage

Reverse mortgage means a written instrument evidencing or creating a nonrecourse loan secured by real property which:

Reverse mortgage means a non-recourse loan, secured by

Reverse mortgage means a nonrecourse loan that:

Reverse mortgage means a home equity conversion mortgage

Reverse mortgage means a reverse annuity mortgage or a

Reverse mortgage means a loan collateralized by real estate, typically made to borrowers

Reverse mortgage means a residential mortgage transaction in which the lender provides loan proceeds to a borrower in a lump sum or in monthly installments with the expectation that the borrower will repay the loan from the proceeds of a sale or transfer of the real property that secures the loan.