reverse mortgage

noun

: a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home

Examples of reverse mortgage in a Sentence

Recent Examples on the Web

These examples are automatically compiled from online sources to illustrate current usage. Opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

The looming payment deadline prompted Douglass to take out a reverse mortgage on her home for more than $81,000. —

Daryl Perry, The Indianapolis Star, 30 Oct. 2024 Many North Carolina students return to class for first time since Helene Is a reverse mortgage or home equity loan better for seniors? —

Megan Cerullo, CBS News, 25 Oct. 2024 Politics How to vote in California’s Nov. 5 election Oct. 3, 2024 More recently, Garvey has returned to the mortgage industry to boost an Orange County company that sells reverse mortgages and educates real estate agents on how to sell them to their clients. —

Laura J. Nelson, Los Angeles Times, 7 Oct. 2024 Borrowers don’t have to make payments on reverse mortgages while living in the house. —

Kelsey Neubauer, CNBC, 23 Sep. 2024 See all Example Sentences for reverse mortgage

Word History

First Known Use

1977, in the meaning defined above

Time Traveler

The first known use of reverse mortgage was in 1977

See more words from the same year

Cite this Entry

Style

“Reverse mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/reverse%20mortgage. Accessed 14 Nov. 2024.

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