Amortization term refers to the time it takes to retire a debt through periodic payments. It is usually associated with loans and mortgages, indicating the full duration over which regular payments are made to fully repay the debt.
Debt retirement refers to the repayment of outstanding debt, which is often achieved through mechanisms such as sinking funds, amortization, or prepayment. It is essential for managing corporate and personal finance efficiently.
Mortgage relief refers to the reduction or elimination of mortgage debt on a property, frequently through the assumption of mortgage by another party or debt retirement. In specific transactions like tax-free exchanges, mortgage relief can trigger taxable gains.
Reconveyance is a process in which a lender transfers the title of a property back to the borrower once the mortgage debt is fully paid off. This legal document ensures the borrower's ownership of the property is unencumbered by the lender’s lien.
