Cap - a limit on the amount an adjustable interest rate may go up or down during a specified time period.

Certificate of Counseling - a document issued by a FHA approved counseling service company after a borrower has completed Reverse Mortgage Counseling.

Closing - a meeting where documents are signed to "close the deal" on a mortgage; the time a mortgage begins.

Closing Costs - normally include an origination fee, mortgage insurance, property taxes, charges for title insurance, recording fees and appraisal fees.

Condemnation - a court action saying a property is unfit for use: also, the government taking private property to use for the public by the right of eminent domain.

Consumer Reporting Agency (Credit Bureau) - an organization that handles the preparation of reports used by lenders to determine a potential borrower's credit history and other information from public records.

Credit Report - a report detailing an individual's credit history that is prepared by a credit bureau and used by a lender to determine if federal liens exist against a Reverse Mortgage borrower.

Credit line - a credit account that lets a borrower decide when to take money out and also how much to take out; also known as a "line-of-credit" or "credit line."

Current interest rate - in the HECM program, the interest rate currently being charged on a loan; it equals the one-year rate for U.S. Treasury Securities, plus a margin (see below).