reverse-annuity mortgage

Definition

An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse mortgage or home equity conversion mortgage.

Use this term in a sentence

You may want to try and take on a reverse-annuity mortgage if you think that would be the best way to proceed.

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They had a reverse-annuity mortgage and that worked a bit differently than the other kind, which I was no expert on.

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The reverse-annuity mortgage was useful to the individual who had fallen on hard times and needed to borrow against their equity.

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