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Exam (elaborations)

HECM Questions and Correct Answers/ Latest Update / Already Graded

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HECM Questions and Correct Answers/ Latest Update / Already Graded

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HECM
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Uploaded on
November 28, 2025
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Written in
2025/2026
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Exam (elaborations)
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Questions & answers

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  • hecm questions and correct answers latest update

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Page |1


HECM Questions and Correct Answers/
Latest Update / Already Graded
To Qualify dor HECM

Ans: Borrower no cash out
Owner occupied
Sixty two
Sixty two


To Complete HECM Loan

Ans: Borrower Council...
All Liens Paid Off...
Complete Conditions Deemed by underwriter


How does FHA Benefit borrower

Ans: Stabilizes and insures loan


FHA Non Recourse

Ans: Home is only asset used to pay loan...


Heirs do not inherit unwanted debt...


All rights reserved © 2025/ 2026 |

, Page |2



Borrower can't owe more than house appraisal


If bank defaults gov't guarantees


MIP

Ans: Charged monthly and at closing


Minim FICO SCORE for HECM

Ans: None


Purpose of HECM

Ans: Refinance / Purchase


Maturity Events

Ans: 1. Sale of property
2. Filing a bankruptcy
3. Death of the last surviving borrower or eligible non-
borrowing spouse is




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