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Listings for Reverse Mortgages Key Terms (24)

 

Default

Default The failure to meet the loan requirements included in the reverse mortgage. For example, the requirements of a Home Equity Conversion Mortgage (HECM) loan […]

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Deed-in-lieu of foreclosure

Deed-in-lieu of foreclosure An arrangement where the borrower voluntarily turns over ownership of the home to the lender to avoid the foreclosure process.

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Co-borrower

Co-borrower A person, usually the borrower’s spouse or partner, who also signs the reverse mortgage loan note and who is equally responsible for fulfilling all […]

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Appraisal

Appraisal A written document that shows an opinion of how much a property is worth. It describes what makes the property valuable and may show […]

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