New Apartments in The Palms Virginia

reverse mortgage
A special type of loan available to equity-rich, older owners. Repayment is not necessary until a borrower sells a property.

oriented-strand board
Often abbreviated "OSB," this is the relatively inexpensive manufactured wood panel that, like plywood, is sold typically in the 4-by-8-foot size and used for roof and wall sheathing.

discount points
Fees which the borrower pays when a lender makes a loan, to get the lower interest rate. Lenders offer various rate/point combinations, and borrowers pay points to adjust a interest rate to a market rate. One point equals one percent of a loan amount.

building line or setback
Guidelines which limit how close an owner can build to a street or an adjacent property.