Reverse Mortgage Agreement
type: Class
subclass of: R88D8i8AcSTUig2X3yPbFHg
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.