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PRESS RELEASE                                  SOURCE: First Trust Advisors L.P.

FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE FOR FIRST TRUST
MORTGAGE INCOME FUND

WHEATON, IL -- (BUSINESS WIRE) -- October 6, 2017 -- First Trust Advisors L.P.
("FTA") announced today that The Mortgage Securities Team of FTA, portfolio
manager of First Trust Mortgage Income Fund (NYSE: FMY) (the "Fund"), will
release an update on the market and the Fund for financial advisors and
investors. The update will be available WEDNESDAY, OCTOBER 11, 2017, AT 5:00
P.M. EASTERN TIME UNTIL 11:59 P.M. EASTERN TIME ON FRIDAY, NOVEMBER 10, 2017. To
listen to the update, follow these instructions:

--    Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
      7335636. The update will be available from Wednesday, October 11, 2017, at
      5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday, November
      10, 2017.

First Trust Advisors L.P., the Fund's investment advisor, along with its
affiliate, First Trust Portfolios L.P., are privately-held companies which
provide a variety of investment services, including asset management and
financial advisory services, with collective assets under management or
supervision of approximately $111 billion as of September 29, 2017 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts.

Investment return and market value of an investment in the Fund will fluctuate.
Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: The debt securities in which the Fund invests are
subject to certain risks, including issuer risk, reinvestment risk, prepayment
risk, credit risk, and interest rate risk. Issuer risk is the risk that the
value of fixed-income securities may decline for a number of reasons which
directly relate to the issuer. Reinvestment risk is the risk that income from
the Fund's portfolio will decline if the Fund invests the proceeds from matured,
traded or called bonds at market interest rates that are below the Fund
portfolio's current earnings rate. Prepayment risk is the risk that, upon a
prepayment, the actual outstanding debt on which the Fund derives interest
income will be reduced. Credit risk is the risk that an issuer of a security
will be unable or unwilling to make dividend, interest and/or principal payments
when due and that the value of a security may decline as a result. Interest rate
risk is the risk that fixed-income securities will decline in value because of
changes in market interest rates.

A portion of the Fund's managed assets may be invested in subordinated classes
of mortgage-backed securities. Such subordinated classes are subject to a
greater degree of non-payment risk than are senior classes of the same issuer or
agency.

Use of leverage can result in additional risk and cost, and can magnify the
effect of any losses.

The risks of investing in the Fund are spelled out in the prospectus,
shareholder reports, and other regulatory filings.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any fiduciary
capacity within the meaning of ERISA and the Internal Revenue Code. First Trust
has no knowledge of and has not been provided any information regarding any
investor. Financial advisors must determine whether particular investments are
appropriate for their clients. First Trust believes the financial advisor is a
fiduciary, is capable of evaluating investment risks independently and is
responsible for exercising independent judgment with respect to its retirement
plan clients.

The Fund's daily closing New York Stock Exchange price and net asset value per
share as well as other information can be found at www.ftportfolios.com or by
calling 1-800-988-5891.


CONTACT: JEFF MARGOLIN -- (630) 915-6784

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Source: First Trust Advisors L.P.