HECM Test 5 Questions & Answers | with 100% Correct Answers | Updated & Verified

The objective of reverse mortgage counseling is to educate clients on - ANS - how reverse mortgages work and their implications · the appropriateness of a reverse mortgage for their personal and financial situations, and · possible financial alternatives to reverse mortgages The following topics must be thoroughly covered in every reverse mortgage counseling session - ANS - client needs and circumstances · features of a reverse mortgage · client responsibilities under a reverse mortgage · costs to obtain a reverse mortgage · financial/tax implications of a reverse mortgage · financial or social service alternatives to a reverse mortgage, and · warnings about potential reverse mortgage/insurance fraud schemes and elder abuse. Once the counseling session is complete, the counselor should complete the client file, either paper or electronic is acceptable. As stated in HUD's Housing Counseling Handbook, all counseling agencies must maintain a separate, confidential file for each client. The counselor must ensure that the file contains all of the following conten - ANS - File number: A file number for the unique counseling interaction; □ Financial Analysis/Budget: Evidence of analysis of the client's unique financial and credit circumstances as they relate to the reverse mortgage; □ Required Data: All required fields listed in the Interface Control Document (ICD) of the Client Management System - details regarding these fields can be found at: □ Activity Log: A record of the date, time, duration, and description of each interaction or