What is the Truth in Lending (TIL) disclosure?

The Truth in Lending (TIL) disclosure is a form providing customers with information about the cost of their credit when they apply for a reverse mortgage, home equity line of credit (HELOC), a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance plans. Customers receive the TIL twice: An initial disclosure when they apply for a mortgage loan; and a final disclosure before closing.