HECM Test Bank Final Exam 2026 || Most Recent Exam
With Actual Complete Real Questions And Correct
Answers (Verified Answers) Already Graded A+ |
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Borrowers with delinquent federal debt are not eligible for a HECM___.
A. Ever
B. Until the debt is satisfied
C. For 2 years after the debt is satisfied
D. For 7 years after the debt is satisfied
Answers: B
A lender must screen all borrowers on which of the following:
A. LDP
B. GSA
C. CAIVRS
D. All of the above
Answers: D
,A borrower must be what age before signing a loan application in order to
receive a HECM?
A. 60
B. 61
C. 62
D. 63
Answers: B
T/F Only one HECM borrower must be living in the home in order for the
HECM loan to close.
Answers: True
When is a borrower able to close in the name of a Living Trust for a HECM?
A. When all the beneficiaries of the trust are eligible HECM borrowers
B. When all the trustees of the trust are eligible HECM borrowers
C. Both a and b above
D. Can't be done
Answers: A
T/F A Durable Power of Attorney is not permitted on HECM loans; only a court
appointed Guardianship.
Answers: False
,A borrower's appraised value is $750,000. What is the required title insurance
amount?
A. $750,000
B. $525,000
C. $625,500
D. Not enough information to answer the question
Answers: A
T/F Generally, unsecured debts other than delinquent Federal debts (i.e.
credit card debt), regardless of their status should not impact negatively on
the borrower's eligibility.
Answers: True
T/F The counseling certificate is generated by each counseling agency on
their own letterhead.
Answers: False
, What is a mortgagee letter?
A. Program updates that may revise or revoke parts of the other
standard sources.
B. Daily rate changes
C. Letters to the borrower notifying them of changes to their mortgage
D. Letters sent between lenders
Answers: A
What is the monthly servicing cap for adjustable rate mortgages?
A. $25
B. $30
C. $35
D. $40
Answers: C
Robert Rogers is a reverse mortgage loan officer and one of his former
clients has contact him in refinancing his current reverse mortgage.
Which Mortgagee Letter should Mr. Rogers review before telling his client
that he might qualify for this refinance
Answers: 04-18
With Actual Complete Real Questions And Correct
Answers (Verified Answers) Already Graded A+ |
Guaranteed Success!!| Newest Exam | Just Released!!
Borrowers with delinquent federal debt are not eligible for a HECM___.
A. Ever
B. Until the debt is satisfied
C. For 2 years after the debt is satisfied
D. For 7 years after the debt is satisfied
Answers: B
A lender must screen all borrowers on which of the following:
A. LDP
B. GSA
C. CAIVRS
D. All of the above
Answers: D
,A borrower must be what age before signing a loan application in order to
receive a HECM?
A. 60
B. 61
C. 62
D. 63
Answers: B
T/F Only one HECM borrower must be living in the home in order for the
HECM loan to close.
Answers: True
When is a borrower able to close in the name of a Living Trust for a HECM?
A. When all the beneficiaries of the trust are eligible HECM borrowers
B. When all the trustees of the trust are eligible HECM borrowers
C. Both a and b above
D. Can't be done
Answers: A
T/F A Durable Power of Attorney is not permitted on HECM loans; only a court
appointed Guardianship.
Answers: False
,A borrower's appraised value is $750,000. What is the required title insurance
amount?
A. $750,000
B. $525,000
C. $625,500
D. Not enough information to answer the question
Answers: A
T/F Generally, unsecured debts other than delinquent Federal debts (i.e.
credit card debt), regardless of their status should not impact negatively on
the borrower's eligibility.
Answers: True
T/F The counseling certificate is generated by each counseling agency on
their own letterhead.
Answers: False
, What is a mortgagee letter?
A. Program updates that may revise or revoke parts of the other
standard sources.
B. Daily rate changes
C. Letters to the borrower notifying them of changes to their mortgage
D. Letters sent between lenders
Answers: A
What is the monthly servicing cap for adjustable rate mortgages?
A. $25
B. $30
C. $35
D. $40
Answers: C
Robert Rogers is a reverse mortgage loan officer and one of his former
clients has contact him in refinancing his current reverse mortgage.
Which Mortgagee Letter should Mr. Rogers review before telling his client
that he might qualify for this refinance
Answers: 04-18
