Reverse Mortgage - Law Dictionary Search Results
Home Dictionary Name: reverse mortgage Page 1 of about 29 results (0.004 seconds)hecm (reverse mortgage)
hecm (reverse mortgage) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. Source: U.S. Department of Housing and Urban Development ...
reverse mortgage (hecm)
reverse mortgage (hecm) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. Source: U.S. Department of Housing and Urban Development ...
reverse mortgage
reverse mortgage see mortgage ...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Priority
Priority, an antiquity of tenure in comparison with another less ancient; also that which is before another in order of time.As to priority among creditors, see (English) Admin-istration of Estates Act, 1869, reproduced by ss. 32 to 34, (English) Administration of Estates Act, 1925, and the First Sch., which provides that in the administration of the estate of any person who shall die on or after 1st January, 1870, no debt or liability of such person shall be entitled to any priority or preference by reason merely that the same is secured by or arises under a bond, deed, or other instrument under seal, or is otherwise made or constituted a specialty debt.The priority in legal and equitable assignments of equitable choses in action are determined accord-ing to the date of receipt of notice by the persons who are for the time being owners of the legal interest in the property assigned. Before 1926 the notice might be verbal; after 1926 it must, for the purposes of establishing priority a...
Eik
Eik to a reversion, an additional loan to a wadsetter (or mortgagor), who is the reversioner of the mortgaged estate; also to a testament, an addition to an inventory made up by an executor, Scots term....
Wadset
Wadset, corresponds in Scotland to mortgage in England. The lender is called the wadsetter, and the borrower the reverser. Bell's Scots Law Dict....
Merger
Merger [fr. mergo, Lat., to sink], an annihilation, by act of law, of a particular in an expectant estate consequent upon their union in the same person without an intervening estate in another person--thus accelerating into possession the expectant which swallows up the particular estate. It is the drowning of one estate in another, and differs from suspension, which is but a partial extinguishment for a time; while extinguishment, properly so termed, is the destruction of a collateral thing in the subject itself out of which it is derived. 'In order that there may be a merger, the two estates which are supposed to coalesce must be vested in the same person at the same time and in the same right' [Re Radcliffe, (1892) 1 Ch 231, per Lindley, LJ]. An estate tail, however is an exception to the rule; for a man may have in his own right both an estate tail and a reversion in fee; and the estate tail, though a less estate, will not merge in the fee, 2 Bl. Com. 177.The doctrine of merger pr...
Attendant term
Attendant term. Terms for years in real property are created for many purposes, e.g., to furnish money for the payment of debts, to secure rent charges or jointures, to raise portions for younger children, daughters, etc. Now, although the purpose for which the term was originally created has been satisfied or has failed, yet, not being surrendered, it continued to exit, the legal interest remaining in the trustees, to whom it was at its creation limited, or, if deceased, in their personal representatives; but the person entitled to the inheritance then became, according to equitable principle, entitled to the beneficial interest in such term, and the term or was held to be such person's trustee. This beneficial interest was subordinate to and merely attendant upon the higher estate possessed by the owner of the inheritance, and yet completely consolidated with it, following the inheritance in all the various modifications and changes to which it might be subjected by act of law or arr...
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