Lifetime Monthly Advance Reverse Mortgage

Concept of Lifetime Monthly Advance Reverse Mortgage in the context of Real Property

A short definition of Lifetime Monthly Advance Reverse Mortgage: Monthly payments to the borrower under this reverse mortgage continue until the borrower’s death, even if the borrower sells the mortgaged property. Because the lender’s collateral security is lost if the property is sold, the borrower must purchase an annuity at the origination of the loan.

Concept of Lifetime Monthly Advance Reverse Mortgage in the context of Real Property

A short definition of Lifetime Monthly Advance Reverse Mortgage: Monthly payments to the borrower under this reverse mortgage continue until the borrower’s death, even if the borrower sells the mortgaged property. Because the lender’s collateral security is lost if the property is sold, the borrower must purchase an annuity at the origination of the loan.