a type of payment received at loan funding in a single payout.

costs the homeowner(s)/borrowers pay in order to secure a Reverse Mortgage. Some of these costs, such as counseling and the appraisal fee, may be paid directly by the borrower, prior to loan funding, often called “out-of-pocket” expenses. Other costs may include but are not limited to escrow fees, title insurance, notary fees, credit and flood reports, courier fees, recording fees and the loan origination fees.

mandated by the federal government for all Home Equity Conversion Mortgages (HECM); All prospective Reverse Mortgage candidates must meet with an unbiased HUD- approved counselor before completing a Reverse Mortgage application.

loan funds available for you to request on an as-needed basis. You pay interest only on the funds you withdraw for use.

the rate at which a credit line grows larger; the credit line grows because you are getting older and therefore eligible for a greater portion of your home’s equity.