Glossary
- Adjustable Rate
- Appraised Value
- Asset Dissipation (Imputed Income)
- Borrower
- Closing Costs
- Condo Single-Unit Approval (SUA)
- Counseling (HUD-Approved)
- Department of Housing and Urban Development (HUD)
- Disbursement Options
- Equity
- Federal Housing Administration (FHA)
- Financial Assessment (HECM Financial Assessment)
- Growing Line of Credit
- Growth Rate (HECM Line of Credit)
- HECM for Purchase or Reverse Purchase
- HECM (Home Equity Conversion Mortgage)
- HECM Line of Credit or Reverse Line of Credit
- HECM to HECM Refinance
- Home Equity
- Home Equity Conversion Mortgage (HECM)
- Initial Principal Limit
- Intangible Tax (Florida Specific)
- Interest Rate (Reverse Mortgage)
- Jumbo Reverse Mortgage
- Lady Bird Deed (Enhanced Life Estate Deed)
- LESA (Life Expectancy Set-Aside)
- Life Estate
- Life Expectancy Set-Aside (LESA)
- Loan Balance
- Loan Maturity
- Mandatory Obligations
- Maximum Claim Amount (2026 Limit)
- Mortgage Insurance Premium (MIP)
- Non-Borrowing Spouse (NBS)
- Non-Recourse
- Occupancy Requirement
- Origination Fee
- Primary Residence
- Principal Limit
- Property Charges
- Proprietary Reverse Mortgages
- Remainderman
- Residual Income
- Reverse Mortgage
- Reverse Second Mortgage
- Servicing
- Stamp Tax (Documentary Stamps)
- Tenure Payments
- Tenure vs. Term
- Term Payments
- Title Insurance
- Trust Ownership (Reverse Mortgage)
- Upfront Costs
- Use of Proceeds
- Verification of Occupancy
