to qualify dor hecm - CORRECT ANSWER -borrower no cash out
owner occupied
sixty two
sixty two
to complete hecm loan - CORRECT ANSWER -borrower council...
all liens paid off...
complete conditions deemed by underwriter
how does fha benefit borrower - CORRECT ANSWER -stabilizes and insures
loan
fha non recourse - CORRECT ANSWER -home is only asset used to pay loan...
heirs do not inherit unwanted debt...
borrower can't owe more than house appraisal
if bank defaults gov't guarantees
mip - CORRECT ANSWER -charged monthly and at closing
minim fico score for hecm - CORRECT ANSWER -none
purpose of hecm - CORRECT ANSWER -refinance / purchase
maturity events - CORRECT ANSWER -1. sale of property
2. filing a bankruptcy
3. death of the last surviving borrower or eligible non-borrowing spouse is
4. being physically away from the property for 12 consecutive months 5. change
in title 6. failing to a pulled any of the borrowers responsibilities
borrower responsibilities - CORRECT ANSWER -1. pay property tax
2. maintain homeowners insurance on the property
3. make any repairs necessary in accordance with repair rider
maintain property
when heirs take possession - CORRECT ANSWER -estate has three months
from the date of borrowers death to pay h ecm loan balance if they plan to keep
the home usually done through refinancing
estate has six months from the date of death to pay h ecm loan balance through
the sale of the property