The phrase "principal limit" refers to the maximum amount of money that can be borrowed against the value of a home in a reverse mortgage. It is the highest amount a homeowner can receive from the lender. Full definition
Generally, homeowners can borrow up to 60 percent of the initial principal limit in the first year. (reversemortgages.com)
Because the loan itself carries a variable rate, it is possible for the actual loan balance to exceed the borrower's net principal limit before the selected term expires. (onefpa.org)
When you call, you will need to know the original claim amount, the current principal limit, and the current balance due. (reversemortgages.com)