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Ohio Probate, Wills and Estate Law

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Tonya R. Coles
Tonya R. Coles
Practicing in: Probate, Wills and Estate Law
Location: German Village
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.

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