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pension mortgage
noun
- 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
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Example Sentences
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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.
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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.
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