Select the definition of a reverse mortgage loan.
Texas homeowners, age 62 or older can borrow against the equity in their homes without having to repay any of the mortgage indebtedness of principal advances and accrued interest during their lifetime subject to certain restrictions.
A non-traditional loan in which interest is deferred and added to principal balance.
A loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real estate.
A zero interest loan in which the lender gradually acquires title to the property by accumulating deferred interest.