A report that states an opinion on the value of a property based on its characteristics and the selling prices of similar properties in the area.

A line of credit that you can make prepayments on, but those funds would not be available for future use.

A service provided by an independent third-party, typically approved by the U.S. Department of Housing and Urban Development, to make sure the borrower fully understands the reverse mortgage and revie [..]

A feature offered in proprietary reverse mortgages that allows a borrower to receive more funds, or pay a lower interest rate, in exchange for giving up a percentage of the home’s future value. No lon [..]

Amount of funds you are eligible to receive from a reverse mortgage before closing costs are deducted.

Date on which your reverse mortgage is scheduled to close.

The lesser of a home's appraised value or the maximum loan limit that can be insured by FHA. Used in determining the principal limit.

Under the HECM program, a fee charged to borrowers that is equal to a small percentage of the maximum claim amount, plus an annual premium thereafter on the loan balance. The MIP guarantees that if th [..]

A fee charged by the loan servicer for administering a loan after closing, such as disbursing loan funds, maintaining loan records and sending statements

Amount of funds you are eligible to receive at closing after loan costs have been deducted.