pension mortgage

British

noun

an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a pension fund and the interest to the mortgagee. The loan is repaid out of the tax-free lump sum proceeds of the pension plan on the borrower's retirement

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

In Lane County, with its average home sale price of about $300,000, the pension mortgage would be 35 percent of the home’s value.

From Washington Times

Taking $416,718 as an average home price in Oregon, the pension mortgage amounts to 25.7 percent of the home value, the study found.

From Washington Times

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023