term monthly advance reverse mortgage

term monthly advance reverse mortgage

A specialized reverse mortgage plan in which the payments are for a specified term; usually employed by homeowners who do not expect to live very much longer.The advantage over a regular reverse mortgage is the ability to receive larger monthly payments.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.