The fair market value an appraiser assigns to a particular property, based on analysis of the property in question, and the market conditions in the area, and recent sales data of comparable homes in the area.
A common term used in real estate finance taken from FNMA (Federal National Mortgage Association). It provides a market for government secured mortgages held by primary lenders and provides them with a ready market so as to permit a greater turnover of money for loans
|Home Equity Line of Credit (HELOC)|
A revolving line of credit secured on the equity in the mortgagor's house, usable for any purpose.
|Reverse Annuity Mortgage (RAM)|
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a release of mortgage.