HECM EXAM 2026

HECM EXAM 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