Reverse annuity mortgage


 

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Reverse annuity mortgage

A mortgage that permits elderly people who own their home outright to receive an income for life in return for gradually relinquishing ownership in the property.



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Portable mortgage

Portable mortgage

The mortgage can be transferred from one property to another without incurring penalties.


Mortgage cash surplus

Mortgage cash surplus

Money left over at the end of a mortgage term, over and above the amount required to pay back the debt.


Balloon mortgage

Balloon mortgage

A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.


Shared appreciation mortgage

Shared appreciation mortgage

A loan that allows a lender or other party to share in the borrower's profits when the home is sold.


Low start mortgage

Low start mortgage

This is like a repayment mortgage, but with a difference. In the introductory period, only interest is paid back to the lender and not any of the capital outstanding. After this period, the repayments start in earnest. The total amount of interest and repayments over the life of the year are higher than with a normal repayment mortgage, but this sacrifice can be worth it if you need to severely restrict your outgoings during the low start period.


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