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HECM- home equity conversion mortgage (100% correct answers) Exam fully solved & updated (latest version verified for accuracy) | Latest!!

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HECM- home equity conversion mortgage (100% correct answers) Exam fully solved & updated (latest version verified for accuracy) | Latest!!

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HECM- home equity conversion mortgage (100% correct answers) Exam
fully solved & updated (latest version verified for accuracy) | Latest!!




Home Equity Conversion Mortgage (HECM) - (ANSWER)Must be 62 or older, own property or have it
almost paid off, no federal debt delinquency, be able to pay your own taxes, insurance and association
fees, participate, in HUD consumer information session. Loan amount bases on age of the youngest
borrower, current interest rate, lesser of appraised value/ 625k, and initial MIP (.5 OR 2.5%)



Tenure - (ANSWER)



Term - (ANSWER)equal monthly payments for fixed time period selected



line of credit - (ANSWER)homeowner draws money as needed up to limited amount



modified tenure - (ANSWER)combo of line of credit and scheduled monthly payments as long as
borrower is in the home



modified term - (ANSWER)combo of line of credit and fixed payments for a specific time period

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