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reverse annuity mortgage

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noun

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

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“Was” is used for the indicative past tense of “to be,” and “were” is only used for the subjunctive past tense.

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Also called equity conversion, reverse mortgage .
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

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