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Retire (a Debt)

 
Real Estate Dictionary: Retire (a Debt)

To pay off the Principal on a loan, thereby fulfilling the obligation under the loan contract. See also Amortization.
Example: When Smith made the last monthly payment on his mortgage loan, he retired the debt.
Example: Jones arranged to retire her home improvement loan by paying an amount equal to the remaining principal balance.

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Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved.  Read more