- home equity conversion mortgage
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home equity conversion mortgage see mortgage
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
home equity conversion mortgage
Look at other dictionaries:
Home Equity Conversion Mortgage - HECM — A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home… … Investment dictionary
mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… … Law dictionary
Reverse mortgage — A reverse mortgage (known as lifetime mortgage in the United Kingdom) is a loan available to seniors (62 and older in the United States), and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner s … Wikipedia
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
Adjustable-rate mortgage — A variable rate mortgage, adjustable rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit… … Wikipedia
reverse annuity mortgage — noun or reverse mortgage : a loan against home equity that provides an annuity to the homeowner and is repayable at the time the home is sold * * * a type of home mortgage under which an elderly homeowner is allowed a long term loan in the form… … Useful english dictionary
reverse annuity mortgage — 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. Abbr.: RAM Also called equity… … Universalium
reverse mortgage — /rəvɜs ˈmɔgɪdʒ/ (say ruhvers mawgij) noun a form of mortgage in which the home owner borrows against his or her equity in the property but does not pay interest while living in the home; the interest accumulates and is paid at the time of the… …
Maxims of equity — The maxims of equity evolved, in Latin and eventually translated into English, as the principles applied by courts of equity in deciding cases before them.[1] Among the traditional maxims are: Contents 1 Equity regards done what ought to be done… … Wikipedia
