See: Reverse Mortgage.

See: Negative Leverage.

A loan, secured by a first mortgage on the borrower’s residence, under which the lender makes periodic payments to the borrower which are repaid in one lump sum. The loan is available to senior citizens (62 and over) with FHA insurance. For specific variations see: Combination Advance Reverse Mortgage; Credit Line Reverse Mortgage; Lump Sum Reverse Mortgage; Monthly Advance Reverse Mortgage; Tenure Monthly Advance Reverse Mortgage; Term Monthly Advance Reverse Mortgage.

The right to possession of the residue of an estate in a grantor or successors of a grantor or testator, commencing upon the termination of a particular estate, granted or devised. Example: A grants to B for life, then back to A upon B’s death. A has an estate in reversion.

An interest held in a reversion (future right to property in possession of another).

Capable of being revoked.

To cancel, annul, reverse, take back, etc.

Describes an account that a borrower can use without having to apply for each loan. The most common example is a credit card.

(1) A narrow strip; a strip of wood to add support to studs and joists. (2) A driveway consisting of two cement strips, the same distance apart as tires on a car.

See: Addendum.

The meeting of the roof rafters of a gable or other roof with two sloping sides.

The highest horizontal member of a roof, running along the ridge, and receiving the rafters at right angles.

The right to prepay without penalty. See: Or More Clause.

See First Refusal Right.

See: Redemption.

Laws that allow a borrower (there must be financing involved) to cancel a transaction within three business days after signing the agreement to purchase. It applies to certain real estate and personal property transactions. The borrower need not state a reason for the cancellation.

The right of a survivor of a deceased person to the property of said deceased. A distinguishing characteristic of a joint tenancy relationship.

A strip of land which is used as a roadbed, either for a street or railway. The land is set aside as an easement or in fee, either by agreement or condemnation. May also be used to describe the right itself to pass over the land of another.

A general term which encompasses those things a person may do unopposed, even though a burden on another occurs, as in the right of a tenant, holder of an easement, etc.

Erosion caused by heavy rainfall on freshly cultivated ground, which produces channels in the loose soil.

Belonging or relating to the bank of a river or stream. Land within the natural watershed of a river or stream.