A reverse annuity mortgage (RAM) is a mortgage type that provides regular income to elderly borrowers over a long period of time. The loan is repaid in a lump sum upon the borrower’s death or when the property is sold. It is also referred to as a reverse mortgage.
A Reverse Annuity Mortgage (RAM) is a mortgage where the lender provides regular income to elderly borrowers over a long period of time. The loan is repaid in a lump sum when the borrower dies or when the property is sold. For instance, if an elderly couple needs additional income, they can take out a RAM and receive monthly payments from the lender. When the couple passes away, their heirs can sell the house and use the proceeds to pay off the RAM. This example demonstrates how a RAM can offer regular income to elderly borrowers and how the loan is repaid upon the sale of the property.
– Yes, Ram can be held legally responsible for his actions if he commits a crime or engages in any unlawful behavior.
– Yes, if Ram’s actions result in harm to someone, the affected party can file a lawsuit against him seeking compensation for damages.
– Yes, Ram can be arrested without a warrant if there is probable cause to believe that he has committed a crime or if he is caught in the act of committing a crime.
– Yes, Ram can be evicted from his rental property if he violates the terms of the lease agreement, fails to pay rent, or engages in any behavior that disrupts the peaceful enjoyment of other tenants.
– Yes, in most cases, Ram can be fired from his job without a valid reason as long as it does not violate any employment contracts, collective bargaining agreements, or anti-discrimination laws.
– No, Ram cannot be held liable for a car accident if he was not at fault. The party responsible for causing the accident would be held liable for any damages or injuries.
– Yes, Ram can be denied entry into a country if he fails to meet the immigration requirements, has a criminal record, or poses a threat to national security.
– Yes, Ram can be compelled to testify in court if he is subpoenaed as a witness. However, he has the right to invoke the Fifth Amendment and refuse to answer any questions that may incriminate him.
– Generally, Ram cannot be held legally responsible for his child’s actions unless he contributed to or facilitated the unlawful behavior in some way.
– No, expressing an opinion about someone is generally protected under the First Amendment, and Ram cannot be sued for defamation as long as he does not make false statements of fact that harm the person’s reputation.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/ram/
- Modern Language Association (MLA):Ram. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/ram/.
- Chicago Manual of Style (CMS):Ram. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/ram/ (accessed: May 09 2024).
- American Psychological Association (APA):Ram. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/ram/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts