Credit Line Reverse Mortgage

Concept of Credit Line Reverse Mortgage in the context of Real Property

A short definition of Credit Line Reverse Mortgage: A maximum amount is established as a line of credit. The borrower can write checks up to this amount. This loan allows repayment and reborrowing during the life of the loan, but does not require repayment until the loan ends. This occurs either at the borrower’s sale of the property or the borrower’s death. See also: Reverse Mortgage.

Concept of Credit Line Reverse Mortgage in the context of Real Property

A short definition of Credit Line Reverse Mortgage: A maximum amount is established as a line of credit. The borrower can write checks up to this amount. This loan allows repayment and reborrowing during the life of the loan, but does not require repayment until the loan ends. This occurs either at the borrower’s sale of the property or the borrower’s death. See also: Reverse Mortgage.