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Reverse Mortgages HECMs Exam Questions & Answers (Grade A+).docx

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Reverse Mortgages HECMs Exam Questions & Answers (Grade A+).docx

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Reverse Mortgages/HECMs Exam
Questions & Answers (Grade A+)
Reverse Mortgage -
correct answer ✅A loan for seniors that allows them to convert
home equity into income


HECM -
correct answer ✅Home Equity Conversion Mortgage, or a Reverse
Mortgage


Insurer of HECMs -
correct answer ✅Federal Housing Administration (FHA)


Minimum Age Requirement -
correct answer ✅62 years old


Property Requirement -
correct answer ✅Primary residence (must live in the home)


Mortgage Balance Over Time -
correct answer ✅It increases as the borrower receives payments


Homeowner's Equity Over Time -
correct answer ✅It decreases over time

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