Redemption statementThe outstanding amount to be repaid on an existing mortgage. Redundancy insurance Another form of income protection, but one that does not cover any form of sickness, injury or disability. The purpose of this type of policy is to replace income lost through a short to medium term period of redundancy. It provides you with a monthly tax-free income to cover a portion of your lost earnings. It is often sold in conjunction with the accident, sickness and disability element of income protection policies, in which case it is known as Accident, Sickness and Unemployment (ASU).
Redemption PeriodRedemption Period
A time period during which a mortgage, landcontract, deed of trust, etc., can be redeemed. Usually set by statute, and after judicial foreclosure.
Redemption dateRedemption date
The actual date on which repayment of a bond or loan stock takes place.
Gross redemption yieldGross redemption yield
See 'redemption yield'.
Redemption penalty overhangRedemption penalty overhang
This is where the redemption penalty continues beyond a fixed or capped rate period, effectively tying you in to the much higher variable rate for a period of time after the fixed or capped period. As a result you get stuck paying an uncompetitive rate that eats into the gains you may have made from having the fixed rate or capped ratein the first place.
Right of redemptionRight of redemption
The right to recover property forfeited by foreclosure by paying the outstanding principal owed plus interest.
Further SuggestionsSerial redemption
Overhanging redemption penalty
Mandatory redemption schedule
Right of redemption
Extended redemption penalty
Preferred equity redemption stock (PERC)