HECM TESTS COMPILATION BUNDLE

Contains 185 flashcards

The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. correct answer: b If repairs are require...

A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c ...

Which of the following is a macronutrient? correct answer: lipids Organic nutrients include all of the following except correct answer: minerals. The most important factor that influences food choice is correct answer: flavor/taste. Which statement best describes the current status of th...

The Mortgage Acts and Practices — Advertising rule is known as: correct answer: Regulation N. Which of these is a violation of Reg N? correct answer: Misrepresenting a negative amortizing mortgage as a fully amortizing mortgage. Which of these is required under Regulation N? correct answer...

A client who is disabled due to medical malpractice reports that he has $4,000 per month income from a settlement, and $50,000 in a retirement account. The counselor is required to: correct answer: HECM Counseling Protocol 5.B.7.c; The Protocol specifically requires Benefits CheckUp be completed if...

All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: A. The counselor explains the cost of the loan and the financial implications of obtaining it. B. The counselor is paid only if the borrower goes through with the reverse m...

List 3 items of information or materials that you need for an assignment correct answer: Fireline Pack, IRPG, Fiber Tape List 3 items on a resource order correct answer: Incident Name, Incident Order #, Transportation Arrangements What are the two most important parts of the check-in process...

How old do you have to be to qualify for a Reverse Mortgage correct answer: 62 years or older Who retains ownership of the property correct answer: The Borrower When is the Reverse Mortgage due correct answer: When the owner sells the home or dies What is the minimum credit score to qual...

Borrower's Estimated Closing Statement correct answer: A settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the lender or broker. It also contains a good faith estimate. A settlement statement is a document that summarizes...

List three items of information or materials that you need for an assignment? correct answer: line pack ppe irpg list 3 items on a resource order? correct answer: incident name reporting location charge code what are the two most important parts of the check-in process? correct answer: ...

The objective of reverse mortgage counseling is to educate clients on correct answer: how reverse mortgages work and their implications • the appropriateness of a reverse mortgage for their personal and financial situations, and • possible financial alternatives to reverse mortgages The f...

HECM correct answer: Home Equity Conversion Mortgage *this is under the FHA* Reverse mortgage correct answer: -an umbrella term that can refer to multiple things 1) FHA / HECM (we are only talking about the FHAHECM) 2) Private companies Details about the FHA HECM program correct answer: ...

Who are reverse mortgages popular products for and why? correct answer: Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? correct answer: Allow older homeowners to use equity in their homes to meet expenses of livi...