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Closed End Line of Credit: A credit line that no longer enables a draw of new credit. Therapy: An independent third-party service approved by HUD, to make certain the customer totally understands the regards to the reverse home mortgage. This is mandatory for all HECM programs and in most states for all types of reverse home loans.

These are no longer offered to the very best of our knowledge. Preliminary Principal Limitation: Maximum amount of funds you are certified to receive.  This Website , Expected Rates Of Interest: The rate of interest used to determine the primary limitation. It equates to either the 10-year CMT or the 10-year LIBOR rate plus a margin.

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Also called Initial Interest Rate. Rate Of Interest Structure 1. Index: Reverse mortgage rate of interest are connected to one of two indexes, the Constant Maturity Treasury rate (CMT) or the London Interbank Offered Rate (LIBOR). 2. Margin: An amount contributed to the Index (CMT or LIBOR) to determine both the Expected and Actual rates of interest.

Variable Rate: An interest rate that changes month-to-month or yearly. Fixed Rate: A rate of interest that stays constant over the life a the loan. Loan Closing Date: Date that your reverse home loan closes. There will be a 3 day right of rescission prior to funding. You need to wait 3 service days prior to receiving cash.

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Used in figuring out the principal limitation. MIP (Mortgage Insurance Coverage Premium): An insurance cost charged to borrowers that is equivalent to a percentage of the optimum claim quantity. There will also be an annual premium based on the loan balance. The MIP guarantees if the loan provider goes out of business, the FHA will step in and make sure the borrower will continue to get their loan funds.

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Regular Monthly Service Charge: The loan provider will incur costs servicing your reverse home loan. The service charge compensates them for that service. Net Principal Limit: Amount of funds you will have available after closing costs are deducted. Non-Recourse Loan: This limits liability for the customer or his/her beneficiaries if the loan balance is more than the value of the home.

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Origination Fee: A fee charged by the lender. It is topped at 2% or $6,000, whichever is less. Prepayment Charge: If you pay off the reverse home mortgage totally prior to it is due, you will not be charged a penalty by HUD. Principal Limitation: The total loan profits offered at closing.