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LSDefine

Simple English definitions for legal terms

Reverse mortgage

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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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