Reverse Mortgage Loan Summary (Page 2 of 3) in pdf

Reverse Mortgage Loan Summary Page 2

Fees

[Description of consumer’s rights to refund of fees]

Account Opening Fees

[Account opening fees]

[Description of itemized one-time account opening fees]

TOTAL Account Opening Fees

[Description of total one-time account opening fees]

Monthly Fees

(added to your loan balance each month but not collected until the loan is due)

[Monthly Fees]

[Description of fees imposed by the creditor for availability of

the reverse mortgage]

Interest Charges

[Starts at] [APR] annually [but this rate can change]

Other Fees

Early Termination Fee

[Description of fees imposed by the creditor for early

termination of the reverse mortgage]

[Statements about other fees]

Borrowing Guidelines

Minimum Transaction

[Description of any minimum draw requirements]

Limits on Number of Credit

[Description of any limitations on the number of extensions of

Transactions

credit]

Limits on Amount of Credit Borrowed

[Description of any limitations on the amount of credit that

may be obtained during any time period]

How the Loan Balance Grows

[Description of how loan balance may grow, related to table below]

After 1 Year

After 5 Years

After 10 Years

How much money will you have received?

$__

How much will be owed for interest + fees?

$__

How much will be owed altogether?

$__

Reverse Mortgage Loan Summary Page 2