Reverse-annuity Mortgage (ram)
Loan under which the owner of a home receives the equity in the form of a series of monthly income payments for life. Upon the owner's death, the lender institution (usually a bank) gains title to the home and is free to keep or sell it. The longer that monthly income payments are made, the greater the reduction in the owner's equity in his or her home. This type of mortgage is of value to older individuals who own their homes free and clear. Their large equity enables them to continue to live there and to receive a monthly income benefit.
Popular Insurance Terms
Presence of other contract (s) covering the same conditions. When more than one policy covers the exposure, each policy will pay an equal share of the loss. ...
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Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
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