Combination Advance Reverse Mortgage

Concept of Combination Advance Reverse Mortgage in the context of Real Property

A short definition of Combination Advance Reverse Mortgage: Under this arrangement, the borrower receives a lump sum. This is most commonly used to pay off an existing mortgage, make repairs on the property, or pay consumer debt. The balance of the loan is made in periodic (monthly) payments. See also: Reverse Mortgage.

Concept of Combination Advance Reverse Mortgage in the context of Real Property

A short definition of Combination Advance Reverse Mortgage: Under this arrangement, the borrower receives a lump sum. This is most commonly used to pay off an existing mortgage, make repairs on the property, or pay consumer debt. The balance of the loan is made in periodic (monthly) payments. See also: Reverse Mortgage.