Reverse mortgage

 

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Reverse mortgage

A mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. The loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold.

Reverse mortgage

A mortgage agreement allowing a homeowner to borrow against home equity and receive tax-free payments until the total principal and interest reach the credit limit of equity, and the lender is either repaid in full or takes the house.



Reverse mortgage

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Cooperative mortgages

Any loans related to a cooperative residential project.


Council of Mortgage Lenders

Council of Mortgage Lenders

An institution that sets out code a code of good practice which mortgage lenders volunteer to stick to - they are not regulated by the government.


Second Mortgage

Second Mortgage

A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more Mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.


Deferred interest mortgage

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Interest is not paid during the deferral period. When the period is over, the accumulated interest is added to the original loan. Some lenders add this interest to the total of your loan to give a new loan figure and new interest payments. Others calculate your interest payments on the original loan as normal and then spread the repayment of the deferred interest over a set period of time. The latter method is better for you, as adding the deferred interest to the loan means you end up paying interest on the deferred interest!


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General Mortgage Bond

In the US, this refers to a bond that is secured by a blanket mortgage on the issuing company's property, though it may be outranked by one or more other mortgages.


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