Glossary

Reverse Annuity Mortgage

This loan gives homeowners of older homes the ability to convert the equity of their house into cash by making monthly payments. Qualification for this mortgage rests on the value of the home. The loan has to be paid in full by the time the homeowner no longer occupies the property.

Reversion

A reversion refers to the right of an owner to make a

Reversionary Interests

Interest on a preceding property or property a person may have.

Revolving Debt

The most common form of revolving debt being a credit card, revolving debt refers to the debt owned on an account that the owner can repeatedly add to and pay off without having to reapply for the credit with every transaction.

Right of First Refusal

This provision within a contract requires the seller to offer up a property to a specified party first before it is made available for rent or sale to the general public.

Right of Survivorship

A distinguished characteristic of a Joint Tenancy Deed, this right allows a party to acquire the interest of a deceased joint owner.

Right of Way

This easement gives a party the right to pass through another

Right to egress

The given right to leave a specific area.

Right to Ingress

The given right to enter a specific area

Riparian Rights

The right given to a party to use local waterways in nearby lakes or rivers.

Rollback Taxes

In Texas, residents with certain types of property, such as agricultural land, may qualify for specific exemptions and tax breaks. When the property is sold to another party, this party may have to pay the taxes. Rollback taxes is the difference between the amount the land owner owed in property taxes and the amount the land owner would have owed had there been no exemption, for each of the five tax years preceding the change in use.


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