Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Reverse mortgage
A 'reverse mortgage' is a loan designed for senior citizens who want to convert their home equity into cash. Unlike a traditional mortgage, it does not require monthly repayments; instead, the payment becomes due when the owner dies or sells his home. Interest will also capitalize during the term of the loan, but it is generally agreed that the amount owed will not exceed the selling price of the home. There is usually a minimum age requirement for a 'reverse mortgage' loan; in Australia, this ranges from age 62 to 65.
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