From BiblePortal Wikipedia

Webster's Dictionary [1]

(1): ( n.) A restatement of a text, passage, or work, expressing the meaning of the original in another form, generally for the sake of its clearer and fuller exposition; a setting forth the signification of a text in other and ampler terms; a free translation or rendering; - opposed to metaphrase.

(2): ( v. t.) To express, interpret, or translate with latitude; to give the meaning of a passage in other language.

(3): ( v. i.) To make a paraphrase.

Charles Buck Theological Dictionary [2]

An explanation of some text in clearer and more ample terms, wherein more regard is had to an author's meaning than his words.