{"iri":"https://folio.openlegalstandard.org/RDOzei3yd81OLmFKtURxjZx","label":"Reverse Mortgage Agreement","sub_class_of":["https://folio.openlegalstandard.org/R88D8i8AcSTUig2X3yPbFHg"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":null,"alternative_labels":[],"translations":{},"hidden_label":null,"definition":"A Reverse Mortgage Agreement is a financial contract that allows homeowners, usually seniors, to convert part of their home equity into cash while retaining ownership of their home. Unlike a traditional mortgage, borrowers do not make monthly payments to the lender; instead, the loan amount, along with interest and fees, is repaid when the homeowner sells the property, moves out permanently, or passes away.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}