hecm study guide questions with complete solutions
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 the borrower's is below 200% of poverty level or if the borrower is disabled. This is specifically stated in the HUD regulations The initial interest rate on an adjustable-rate HECM is based on: correct answer: NeighborWorks HO111 Course Manual - Tab 8, HUD Handbook 7610.1 p. 101 TALC rates generally are greatest when borrowers live correct answer: NeighborWorks HO111 Course Manual - Tab 9: HOW MUCH DOES IT COST? PART 3: COMPARING LOANS AND WEIGHING COSTS; TALC rates are highest in the early part of the loan and tend to be lower the longer the loan is in place. This is because the cost of the loan is spread out over a longer period of time
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Liberty University
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Hecm
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hecm study guide questions with complete solutions