(1) at the time the lender provides an application for a reverse mortgage to a prospective borrower: (a) a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including: (i) the circumstances under which the interest rate may increase; (ii) any limitation on the amount that the interest rate may increase; and (iii) the effect of an increase in the interest rate; and (b) a list of at least five independent housing counselors that includes each independent housing counselor's name, address, and telephone number;

(a) a disclosure that explains any adjustable interest rate feature of the reverse mortgage, including: (i) the circumstances under which the interest rate may increase; (ii) any limitation on the amount that the interest rate may increase; and (iii) the effect of an increase in the interest rate; and

(i) the circumstances under which the interest rate may increase;

(ii) any limitation on the amount that the interest rate may increase; and

(iii) the effect of an increase in the interest rate; and

(b) a list of at least five independent housing counselors that includes each independent housing counselor's name, address, and telephone number;

(2) at least 10 days before the day on which a reverse mortgage closes, a disclosure that describes: (a) that the prospective borrower's liability under the reverse mortgage is limited; (b) the prospective borrower's rights, obligations, and remedies that relate to: (i) temporary absences, late payments, and payment default by the lender; and (ii) each condition that requires satisfaction of the reverse mortgage; and (c) the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance;

(a) that the prospective borrower's liability under the reverse mortgage is limited;

(b) the prospective borrower's rights, obligations, and remedies that relate to: (i) temporary absences, late payments, and payment default by the lender; and (ii) each condition that requires satisfaction of the reverse mortgage; and

(i) temporary absences, late payments, and payment default by the lender; and

(ii) each condition that requires satisfaction of the reverse mortgage; and

(c) the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance;

(3) on an annual basis, on or before January 31 of each year, a statement that summarizes: (a) the total principal amount paid to the borrower under the reverse mortgage; (b) the total amount of deferred interest added to the principal; and (c) the outstanding loan balance at the end of the preceding year; and

(a) the total principal amount paid to the borrower under the reverse mortgage;

(b) the total amount of deferred interest added to the principal; and

(c) the outstanding loan balance at the end of the preceding year; and

(4) if applicable, at least 25 days before the day on which the lender adjusts the interest rate on a reverse mortgage, a disclosure that states: (a) the current index amount; (b) the publication date of the index; and (c) the new interest rate.

(a) the current index amount;

(b) the publication date of the index; and

(c) the new interest rate.