HECM

How old do you have to be to qualify for a Reverse Mortgage correct answer: 62 years or older Who retains ownership of the property correct answer: The Borrower When is the Reverse Mortgage due correct answer: When the owner sells the home or dies What is the minimum credit score to qualify correct answer: No minimum credit score What is the minimum DTI to qualify correct answer: No minimum DTI (no income verification) Why is there no minimum DTI/Credit score to qualify for a...

List 3 items of information or materials that you need for an assignment correct answer: Fireline Pack, IRPG, Fiber Tape List 3 items on a resource order correct answer: Incident Name, Incident Order #, Transportation Arrangements What are the two most important parts of the check-in process correct answer: Checking in at ICP, Getting a solid brief List 5 items pf information you should receive in your initial briefing from the Incident Supervisor correct answer: IAP, Medical Plan, ...

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: ...

A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above correct answer: E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counseling agency must off...

The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. correct answer: b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of repairs. c. 100% of the estimated...