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reverse annuity mortgage

a type of home mortgage under which an elderly homeowner is allowed a long-term loan in the form of monthly payments against his or her paid-off equity as collateral, repayable when the home is eventually sold.
Abbreviation: RAM.
Also called equity conversion, reverse mortgage. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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Contemporary definitions for reverse mortgage

a type of loan, esp. for a retired or elderly persons, in which tax-free payments are borrowed from and up to the full equity in a home; also called reverse annuity mortgage , [home equity conversion mortgage]

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noun's 21st Century Lexicon
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