HECM Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about HECM? On this page you'll find 307 study documents about HECM.
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![HECM Counseling Certification Exam Questions and Answers 100% Pass](/docpics/5296032/66432f65e26e3_5296032_121_171.jpeg)
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HECM Counseling Certification Exam Questions and Answers 100% Pass
- Exam (elaborations) • 11 pages • 2024
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HECM Counseling Certification Exam 
Questions and Answers 100% Pass 
Non-recourse - Answer- Borrower has no obligation to pay back more than the value of 
the home 
Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not 
federally insured. Generally target homeowners with high home values 
How is loss risk controlled? - Answer- Relating the total amount of the loan advances to 
the life expectancy of borrower (age), value of home, and cost of loan 
Federally-Insured Re...
![HECM Exam Questions and Answers 100% Pass](/docpics/5296026/66432f2e0144d_5296026_121_171.jpeg)
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HECM Exam Questions and Answers 100% Pass
- Exam (elaborations) • 7 pages • 2024
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HECM Exam Questions and Answers 100% Pass 
List 3 items of information or materials that you need for an assignment - Answer- 
Fireline Pack, IRPG, Fiber Tape 
List 3 items on a resource order - Answer- Incident Name, Incident Order #, 
Transportation Arrangements 
What are the two most important parts of the check-in process - 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 - Answer- IAP, M...
![HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS](/docpics/5296024/66432f2b5512c_5296024_121_171.jpeg)
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HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS
- Exam (elaborations) • 11 pages • 2024
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HECM REVERSE MORTGAGE EXAM QUESTIONS AND 
ANSWERS 100% PASS 
HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME 
PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH 
FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST 
PEOPLE USE TO PURCHASE HOME 
FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME 
THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER 
REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS 
HECM BASIC FEATURES - Answer- THE BORROWE...
![HECM Exam Questions and Answers 100% Correct](/docpics/5296020/66432f291b65e_5296020_121_171.jpeg)
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HECM Exam Questions and Answers 100% Correct
- Exam (elaborations) • 7 pages • 2024
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HECM Exam Questions and Answers 100% Correct 
What is the role of the Housing Counseling Agency in the HECM program? - Answer- 
Educate the consumer about the costs and benefits of the HECM program. 
What is home equity? - Answer- Home value minus liens on the home. 
In what two ways are HECM's different from "home equity loans"? - Answer- Do not 
have to be able to make monthly payments or make monthly payments. 
What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...
![HECM Terminology Exam Questions and Answers 100% Pass](/docpics/5296013/66432eedc91af_5296013_121_171.jpeg)
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HECM Terminology Exam Questions and Answers 100% Pass
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HECM Terminology Exam Questions and 
Answers 100% Pass 
Principal Limit - Answer- the maximum mortgage amount; equals the maximum claim 
amount times the principal limit factor. The maximum amount of money available from 
the loan at any given time, including the amount already 
borrowed, any set-asides, and any remaining available funds. 
Principal Limit Factor - Answer- the percent of the maximum claim amount that equals 
the principal limit; determined by the age of the youngest borrower and ...
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![HECM Test Exam Questions And Revised Correct Answers updated](/docpics/5295651/66432687bbf53_5295651_121_171.jpeg)
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HECM Test Exam Questions And Revised Correct Answers updated
- Exam (elaborations) • 19 pages • 2024
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HECM Test Exam Questions And Revised Correct Answers 
updated 
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 - ANSWERS E. 
Termination of agency's HUD approval 
Suspension of agency's HUD approval 
Forfeiture of remaining ...
![HECM Test Exam Questions And Revised Correct Answers 2024](/docpics/5295578/6643251a83d59_5295578_121_171.jpeg)
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HECM Test Exam Questions And Revised Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
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HECM Test Exam Questions And Revised Correct 
Answers 2024 
A borrower got her HECM loan many years ago when the lending limit for her county 
was $600,000. Her home is appraised for $800,000. What is the most her repayment of 
the loan could be? 
A. $600,000 
B. $800,000 
C. 75% of appraised value 
D. Net proceeds from selling the home - ANSWERS D 
A borrower has a $200,000 home value. What is the likely upfront cost added to the 
loan balance at closing? (Revisit. Where is the formula?) 
A...
![HECM S-271 final exam questions and correct answers 2024](/docpics/5295435/66432208b55d3_5295435_121_171.jpeg)
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HECM S-271 final exam questions and correct answers 2024
- Exam (elaborations) • 7 pages • 2024
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HECM S-271 final exam questions and correct 
answers 2024 
List three items of information or materials that you need for an assignment? - 
ANSWERS line pack 
ppe 
irpg 
list 3 items on a resource order? - ANSWERS incident name 
reporting location 
charge code 
what are the two most important parts of the check-in process? - ANSWERS locate and 
chec- in at icp 
receive initial briefing from supervisor/helibase manager 
list 5 items of information you should receive in your initial briefing fro...
![HECM Practice exam questions and answers](/docpics/5295290/66431e49c35ba_5295290_121_171.jpeg)
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HECM Practice exam questions and answers
- Exam (elaborations) • 17 pages • 2024
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HECM Practice exam questions and 
answers 
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. - ANSWERS 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 cos...
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