Mortgage Glossary
There are a lot of unfamiliar terms that get tossed around during the mortgage process. But don't worry, we've put together this glossary to help you get a better grasp of any terms that may be less than clear.
R
Reverse Mortgage
See Home Equity Conversion Mortgage (HECM).
Revolving Credit
A credit agreement (typically a credit card) that allows a customer to borrow against a pre-approved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due.
RHS
See Rural Housing Service.
Right of First Refusal
A contract provision that requires a property owner to give another party the first opportunity to purchase or lease the property before it is offered to others.
Right of Ingress or Regress
The right to enter or leave specific property or premises.
Right of Survivorship
In joint tenancy, the right of surviving joint tenants to acquire the interest of a deceased joint tenant.
Rural Housing Service (RHS)
An agency within the United States Department of Agriculture that provides financing to farmers and other qualified borrowers buying property in rural areas, who are unable to obtain loans elsewhere.