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LSDefine

Simple English definitions for legal terms

Reverse mortgage

Read a random definition: persona nasciturus

A quick definition of Reverse mortgage:

Reverse mortgage: A type of loan for homeowners who are at least 62 years old and own their home. The loan allows them to receive money based on the equity in their home, but they don't have to pay it back until they die, sell the house, or move. To qualify, they must meet certain conditions set by the FHA.

A more thorough explanation:

A reverse mortgage is a type of loan that allows homeowners to receive money in exchange for the equity in their homes. Unlike traditional mortgages, the loan does not have to be repaid until the homeowner dies, sells the house, or moves out.

To qualify for a reverse mortgage under the FHA's program, homeowners must be at least 62 years old, own the property outright or have a small mortgage, and meet other conditions.

John is a 70-year-old homeowner who has paid off his mortgage. He wants to supplement his retirement income, so he applies for a reverse mortgage. The lender agrees to give him a loan based on the equity in his home. John can use the money for any purpose he chooses, and he does not have to make any payments until he moves out or passes away.

This example illustrates how a reverse mortgage can provide financial flexibility for older homeowners who have built up equity in their homes. By tapping into that equity, they can receive a lump sum or regular payments to help cover expenses or improve their quality of life.

Reverse engineering | reversible error

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TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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