Reverse Mortgage Loan Summary


[Name of Creditor]
[Loan Originator’s Unique Identifier]
Borrower & Property Information
Borrowers’ Names & Ages
[Loan Applicants’ Name and Ages]
[Loan Applicants’ Address]
Property Address
Appraised Value
[Disclosure of value of property]
About this Loan
[Statement that the consumer has applied for a reverse mortgage that does not have to be repaid for as long
as the consumer lives in the home]
[Statement about the types of payments the consumer may receive]
[Statement about consumers’ obligations] [Cross reference to risks section]
[Statement that the borrower will continue to receive monthly payments and have access to loan funds as
long as the borrower remains in the home even if the loan balance eventually exceeds the value of the home]
[Statement that the loan must be repaid]
Payment of Loan Funds
[You have chosen to receive your funds as follows:] [You (may/will) receive your funds as follows:]
Initial Advance
[Disclosure of initial advance]
Monthly Advance
[Disclosure of monthly advance]
Line of Credit
[Disclosure of line of credit]
[Statement that consumers may change the type of payments they receive]
Annual Percentage Rate
Annual Percentage Rate
[APR(s) applicable to the reverse mortgage, including introductory APR
[For variable APRs, the following
(1) description that the APR varies,
(2) how the APR is determined,
(3) the frequency of changes in the APR,
(4) description of any limitations on changes in the APR (except for minimum
and maximum APRs) or a statement that no annual limitation exists, as
applicable, and
(5) description of any rules relating to changes in the index value and the APR,
including preferred rate provisions and rate carryover provisions, if any]
Maximum APR
[Disclosure of maximum APR]
Historical Changes to
[Description of the lowest and highest value of the index and margin in the past
(identification of index) Rate
15 years]
Interest charges will be added to your loan balance each month and collected when the loan is due.


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