Term Monthly Advance Reverse Mortgage

Under this reverse mortgage, the lender makes periodic payments to the borrower for a fixed time period rather than for the borrower's lifetime or the time the borrower occupies the property. The borrower who uses this loan usually does not expect to outlive the term of the loan. An advantage of the loan is that the borrower may be able to receive larger monthly advances, since the lender knows exactly how much will be the maximum borrowed. See also: Reverse Mortgage.