Probate, Wills and Adoptions Glossary Terms

Reverse mortgage

Also known as Reverse Annuity Mortgage (RAM). RAM is a special mortgage where a lender makes monthly payments to the homeowner in an amount determined by the age and health of the homeowner, the term of the loan, and the value of the home. Payments may be for a set period of time or for as long as the homeowner lives in the home. Some plans offer cash payments, a line of credit, and/or some combination of these. In most plans, the owner retains title to the home, and need not repay any of the money until sale or transfer of the property.

This website is designed for advertising and general information only. None of the information presented on
this site should be construed to be either formal legal advice and/or the formation of a lawyer client relationship. This site is brought to you by the Columbus Bar Association, through its division Columbus Bar Services, providing lawyer information and a legal tool kit about Ohio laws, including issues related to family law/divorce, custody, injury, malpractice, wills, probate, adoption, DUI, OMVI, criminal charges, workers compensation, immigration, green card, employee/employer, contracts, harassment, discrimination, bankruptcy, debt, social security, tax, real estate, small business, and other lawsuits and legal issues.