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reverse annuity mortgage

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noun
  1. 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.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018