pension mortgage

noun

1. an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a pension fund and the interest to the mortgagee. The loan is repaid out of the tax-free lump sum proceeds of the pension plan on the borrower's retirement

Example Sentences

In Lane County, with its average home sale price of about $300,000, the pension mortgage would be 35 percent of the home’s value.

From Washington Times

Taking $416,718 as an average home price in Oregon, the pension mortgage amounts to 25.7 percent of the home value, the study found.

From Washington Times