There are currently 4 names in this directory beginning with the letter M.
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.
Maximum Principal Limit
the greatest amount of cash you could get in a single lump sum at closing if you pay all loan fees in cash.
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.