What is the difference between a remainder and a reversion in property law?

A remainder is a future interest held by a third party who will receive ownership of the property after a life estate ends. A reversion is a future interest retained by the original grantor who will regain ownership when the life estate terminates. For example, if a parent grants a life estate to a spouse with remainder to the children, the children hold the remainder interest. If the parent grants a life estate to the spouse with no remainder named, the property reverts to the parent's estate upon the spouse's death.