property law

Absolute

Definition

1) Property: Used in property law to describe an estate that is free from any limitations at all.  Only a fee simple may be absolute.

2) Divorce: An absolute divorce is a final judgment of divorce that dissolves the marriage and allows both parties to remarry.  It severs all spousal rights-- parties may no longer inherit from one another and all survivorship rights in property are considered as held jointy in common.

 

Reverse mortgage

A loan given to homeowners in exchange for equity in their homes.  The loan does not have to be repaid until the homeowner dies, sells the house, or moves.  Under the FHA's reverse mortgage program, homeowners must be at least 62 years of age, own the property completely or have only a small mortgage, and meet various other conditions to qualify. 

Reverse Mortgages for Seniors (U.S. Department of Housing & Urban Development)

http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

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