the fixed rate added to the index base rate to establish the fully indexed rate. For example, if the lender adds a 2 point margin to the LIBOR rate, then the LIBOR rate at .5 (for this example only) plus a 2 point margin would equal a 2.5 fully indexed rate.

the greatest amount of cash you could get in a single lump sum at closing if you pay all loan fees in cash.

the monthly charge for servicing your loan after closing.

required for all HECM loans by HUD and is non-negotiable under the loan program. An upfront mortgage insurance premium is required at loan funding as well as an ongoing monthly premium added via the loan interest rate. The mandatory insurance protects both the homeowner and the lender.