Business, Legal & Accounting Glossary
An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender over a fixed amount of years. A lot of individuals choose this option to pay for variety of expensive costs such as higher education, new construction/remodeling, or to pay off other debts. If the borrower is not careful, a reverse mortgage of any type may result in additional debt.
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This glossary post was last updated: 20th November, 2021 | 0 Views.