Glossary of Reverse Mortgage Terms
Real Estate Settlement Procedures Act (RESPA) - a consumer protection law that requires lenders to give borrowers advance notice of closing costs.
Recording - the noting in the county registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note or a satisfaction of mortgage, thereby making it a part of the public record.
Refinance - paying off one loan with the proceeds from a new loan using the same property as security.
Reverse annuity mortgage - a reverse mortgage in which a lump sum is used to purchase an annuity that gives the borrower a monthly income for life.
Reverse mortgage - a home loan that gives cash advances to a homeowner, requires no repayment until a future time, and is capped by the value of the home when the loan is repaid.
Right of recission - a borrower's right to cancel a home loan within three business days of the closing.
