RAMs (Reverse-annuity mortgages)
Mortgages in which the bank makes a loan for an amount equal to a percentage of the appraisal value of the home. The loan is then paid to the homeowner in the form of an annuity. |
Similar financial terms
Tandem programsUnder Ginnie Mae, mortgage funds provided at below-market rates to residential mortgage buyers with FHA Section 203 and 235 loans and to developers of multifamily projects with Section 236 loans initially and later with Section 221(d)(4) loans.
Affordability programs
Usually refers to special schemes set up and/or managed by utility companies which are designed to minimize the burden of utility costs for customers of limited means. These programs are usually targetted at specific classes of low-income residential consumers (e.g. unemployed or pensioners) and institutional customers (e.g. schools, non-profit organizations, hospitals and other essential public-sector services).
Benefits provided by these programs can include forgiveness of arrearage ...
