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WHAT IS 'MORTGAGE AND REVERSE MORTGAGE'?
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Answer Posted / ganesha kumar
A mortgage is the transfer of an interest in property (or
the equivalent in law - a charge) to a lender as a security
for a debt - usually a loan of money. While a mortgage in
itself is not a debt, it is the lender's security for a
debt. It is a transfer of an interest in land (or the
equivalent) from the owner to the mortgage lender, on the
condition that this interest will be returned to the owner
when the terms of the mortgage have been satisfied or
performed. In other words, the mortgage is a security for
the loan that the lender makes to the borrower.
A reverse mortgage (or lifetime mortgage) is a loan
available to seniors, and is used to release the home
equity in the property as one lump sum or multiple
payments. The homeowner's obligation to repay the loan is
deferred until the owner dies, the home is sold, or the
owner leaves
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