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reverse annuity mortgage

American  

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 their paid-off equity as collateral, repayable when the home is eventually sold. RAM

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The loan was arranged by the San Francisco-area Reverse Annuity Mortgage Program, a pilot project sponsored by the Ford and San Francisco Foundations and the Federal Home Loan Bank Board to help elderly homeowners who are property rich but cash poor.

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

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.