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R

Rate (interest)	The return the lender receives for loaning the borrower the money for the mortgage.
Real Property	Land and the improvements on it
Redemption	The buying back of a mortgage estate by payment of the sum due on the mortgage.
Redlining	The practice of refusing to provide loans or insurance in a certain neighborhood
Refinance	To pay in full and discharge a mortgage and any other registered encumbrances and arrange for a new mortgage with the same or a different lender.
Renegotiate	To change the terms and conditions of a mortgage agreement prior to maturity. Renegotiation occurs with the lender who currently holds the mortgage.
Renewal Agreement	An agreement whereby the lender may agree to extend the term of the loan, but possibly on revised terms as to principal repayments and interest rate.
Reserve Fund	A fund set up by a condominium corporation for major repairs and replacement of such items as the roof, elevators, plumbing, heating systems, etc. All condo corporations, by law, require a reserve fund.
Restrictive Covenant	See deed restriction
Reverse Mortgage	Arrangement under which an elderly homeowner, who does not need to meet income or credit requirements, can draw against the equity in the home with no immediate repayment.
Roll-over Mortgage	A mortgage loan where the interest rate is established for a specific term. At the end of this term the mortgage is said to "roll over" and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.