My right rear parking brake does not release. I spray with rust remover and tap it back with hammer multiple times but still hangs up. Is this the cable or most likely the actuator on the caliper? Can the mechanism be easily taken apart and cleaned up or an I stuck putting on a new caliper? I was just going to redo both rear pads and calipers until I saw the price of the calipers.

I don't know what is causing your brake hanging up- I suspect the caliper.

RockAuto sells loaded rear calipers (calipers with pads pre-installed and new hardware from $50-$70 each. Pricey but not killer pricey.