# Reverse Mortgage Agreement

**IRI:** https://folio.openlegalstandard.org/RDOzei3yd81OLmFKtURxjZx

## Labels

## 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.

## Sub Class Of

- https://folio.openlegalstandard.org/R88D8i8AcSTUig2X3yPbFHg

**Deprecated:** False