Reverse Annuity Mortgage (RAM)
Definition of "Reverse Annuity mortgage (RAM)"
Mortgage where the lender pays a borrower a fixed monthly payment based on the value of the property. It allows the borrower to receive monthly receipts against the equity in his or her home. It is designed for senior citizen who own their homes and require additional funds to pay current living expenses, but do not wish to sell their homes. At the end of the payment term, usually 10 or 15 years, the mortgage on the borrower's home equals a predetermined sum so that the value of the equity is reduced by the amount. The loan is not repaid until sale of the property or the death of the borrower when it is settled through normal probate procedures.
Popular Real Estate Terms
Scale drawing or diagram illustrating the proposed use of a land plat property. ...
Evaluation of the dimensions of a building to determine its ability to meet the needs of the occupants. ...
One of a series of inclined structural supports supporting a roof. ...
Wondering what For Rent By Owner (FRBO) means?It’s the more popular cousin of For Sale By Owner (FSBO). For Rent By Owner (FRBO) are really common; it’s the name we give to ...
A recorded plat defines a subdivision map that you have to file in the county recorder’s office. It will show the location and boundaries of your parcels of land. Knowing this, we can ...
Wood strip on the top of a baseboard. ...
Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial parks normally are provided with ...
A forced sale or forced liquidation typically means an involuntary sale of valuables or property for financial reasons. If an unpredictable or uncontrollable event emerges, a seller must ...
Financing source for new real estate business or turnaround ventures that usually combine much risk with potential for high return. There are various stages of venture capital, such as ...
Have a question or comment?
We're here to help.