Reverse Mortgage Loan Contract

From Open Risk Manual

Definition

Reverse Mortgage Loan Contract. A mortgage contract that pays out money to the borrower against a set principal limit that is based on the value of existing equity in the underlying collateral.

A reverse mortgage and an open end loan both have a credit limit.

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.