Lake Area Bank

MORTGAGE GLOSSARY

\| 2 \| A \| C \| D \| E \| F \| H \| I \| L \| M \| N \| O \| P \| R \| S \| T \| U \|
tenure advances	fixed monthly loan advances for as long as a borrower lives in a home
term advances	fixed monthly loan advances for a specific period of time
Total Annual Loan Cost (TALC) rate	the projected annual average cost of a reverse mortgage including all itemized costs
T-rate	the rate for U.S. Treasury Securities; used to determine the initial, expected, and current interest rates for the HECM program

LAKE AREA MORTGAGE 1030 West County Road E, Suite 150 Shoreview, MN 55126
Phone: 651-209-2900 Toll free: 1-866-321-1516 Fax: 651-209-2929

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