When it comes to exploring reverse mortgages and how they could be helpful to your situation you first should have an understanding of the terms that will be used throughout the process. Here are a few terms that may be helpful in your research to find out what a reverse mortgage is. An amortization table or amortization schedule will show you the breakdown of payments and interest that the borrower will pay over time. The counselling is usually a 90-minute session provided by an independent, third party approved by the U.S. Department of Housing and Urban Development (HUD). The counsellor’s role is to make sure the borrower understands exactly what a reverse mortgage is. Expected interest rate: The interest rate that is used to calculate the principal limit.