Reverse Mortgage
Real estateGlossary term
Definition
A loan for homeowners 62+ that converts home equity into cash without requiring monthly payments. Loan is repaid when you sell the home, move out, or pass away.
Related terms
- Home EquityThe portion of your home that you truly own, calculated as the property's market value minus what you owe on your mortgage. Builds over time through mortgage payments and property appreciation.
- MortgageA loan used to purchase real estate where the property serves as collateral. The borrower makes regular payments over a set term (typically 15-30 years) until the loan is paid off.
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