Fixed and Floating Charge. Definition: A fixed and floating charge is a form of security interest usually taken by a lender from a company to secure repayment of a loan.The company granting the charge is usually referred to as the  Chargor  and the person in whose favour the charge is granted is typically called the  Chargee .This form of security is called fixed and floating because the chargee has:The true ingenuity of the fixed and floating charge is that it permits the chargor to deal with and sell their stock etc in the ordinary course of business without requiring consent from the chargor.his form of security is called fixed and floating because the chargee has: The true ingenuity of the fixed and floating charge is that it permits the chargor to deal with and sell their stock etc in the ordinary course of business without requiring consent from the chargor.
Under the existing program, the same person can tap up to 61.9 percent of the homeâs value using a standard reverse mortgage, and 52.3 percent using a saver mortgage (which is cheaper than the standard, but gives you access to less home equity).
Open to homeowners 62 or older, the reverse mortgage can provide them steady home equity income. Additionally, the older a homeowner is, the more equity income a reverse mortgage provides in return. Often, when a homeowner with a reverse mortgage dies, the loan can be paid off by sale of the home by heirs.n addition to the estate of the deceased, heirs to the reverse mortgaged home can also repay the loan in full. Reverse mortgage lenders often give heirs from three to 12 months to repay the loan. If neither the heirs nor the estate repay the loan, the lender typically repossesses the home.