Montrose, CO Office

Moab, UT Office

Refinancing - The process of paying off one loan with the proceeds from a new loan secured by the same property.

Rent With Option To Buy - See Lease-purchase mortgage loan.

Repossession (or Foreclosure) - Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.

RESPA - See Real Estate Settlement Procedures Act.

Reverse Annuity Mortgage (RAM) – Type of mortgage applicable to senior citizens in which the lender makes periodic payments to the borrower from the borrower's equity in their home, thus providing the borrower with a cash annuity.

100% Rural Development Loan - A loan provided by FmHA for low to moderate income families to purchase a home with now down payment.  Closing cost can also be included if the appraised value warrants. Go to FmHA product page for more details.  See also FmHA and Farmer Home Administration.