Meaning of reverse annuity mortgage

reverse' annu'ity mort"gage

Pronunciation: [key]
  1. a type of home mortgage under which an elderly homeowner is allowed a long-term loan in the form of monthly payments against his or her paid-off equity as collateral, repayable when the home is eventually sold. Abbr.: RAM&hasp; Also called
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.