Reconveyance - When a mortgage is paid in full, the lender conveys the property back to the owner.
Recision - The cancellation of a contract. When refinancing a mortgage on a principal residence the law gives the homeowner three days to cancel the contract.
Refinancing - Repaying an existing loan from the proceeds of a new loan on the same property.
Regulation Z (Reg Z) - A federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms of the loan and the annual percentage rate (APR).
Reverse Mortgage - A mortgage used by the elderly that provides income. Payments may cause the loan principal to increase.
Rollover Loan - A loan that is amortized over a long period of time (e.g., 30 yrs) but the interest rate is fixed for a short period (e.g., 5 yrs). The loan may be extended or rolled over, at the end of the shorter term, based on the terms of the loan.
