Lake Area Bank

MORTGAGE GLOSSARY

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reverse annuity mortgage	a reverse mortgage in which a lump sum is used to purchase an annuity that gives the borrower a monthly income for life.
reverse mortgage	a home loan that gives cash advances to a homeowner, requires no repayment until a future time, and is capped by the value of the home when the loan is repaid
right of rescission	a borrower's right to cancel a home loan within three business days of the closing

LAKE AREA MORTGAGE 1030 West County Road E, Suite 150 Shoreview, MN 55126
Phone: 651-209-2900 Toll free: 1-866-321-1516 Fax: 651-209-2929

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