Glossary of terms used on this site
There are 105 entries in this glossary.R
| Term | Definition |
|---|---|
| Reassessment |
The process of re-determining the value of property or land for tax purposes. |
| Recasting |
This is a method of refiguring both the interest rate and monthly payment at a specific time in the loan term. The payment becomes the amount necessary to amortize the loan in the time remaining on the term. |
| Recourse |
The ability of the lender to look to the borrower to be personally responsible for the loss suffered if the sale of the mortgaged property from foreclosure does not cover the amount owed. |
| Refinance |
Paying off an existing mortgage loan and replacing it with a new loan. |
| Reverse Mortgage |
A special type of loan used to convert the equity in a home into cash. The money obtained through a reverse mortgage is usually used to provide seniors with financial security in their retirement years. |