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Rate - RESPA
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Restructured Loan - Right of Rescission
Restructured Loan
Return on Investment
Reverse Mortgage
Revolving Credit
Right of First Refusal
Right of Rescission |
Restructured Loan
A mortgage that has been changed in interest rate, term, or monthly payment in order to prevent foreclosure from happening.
Return on Investment
The profit an investment generates. To calculate this return, take the equity of a property and divide that by cash flow.
Reverse Mortgage
A loan that allows older homeowners to receive cash to live on using the equity of their property. The loan or money comes due when the elderly homeowner dies or moves out of the property.
Revolving Credit
A line of credit that requires a minimum payment but does not require the full repayment immediately. This type of credit includes lines of credit and credit cards.
Right of First Refusal
An agreement by the owner of a property to give an individual or party the opportunity to purchase a property before it is offered to others or made available to the public.
Right of Rescission
The right given to borrowers provided by the Truth-in-Lending Law to change his or her mind and cancel a loan within three business days of signing loan documents. This period of time is given to borrowers who are refinancing or taking out lines of credit on their properties.
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