Study guides, Class notes & Summaries

HECM Practice, Exam Review Questions and answers, rated A+ 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. - 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 ...

HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024 HECM TEST 142 EXAM QUESTIONS AND EXPERT VERIFIED ANSWERS 2023/2024

HECM Test 100% Solved 2024 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 - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counselin...

HECM Test 100% Correctly Solved 2024 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 - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A...

HECM Practice Questions and Answers 100% Pass 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. - 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 co...

Hecm test 5 100% Correctly Solved The objective of reverse mortgage counseling is to educate clients on - Answer- 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 - Answer- client needs and circumstances · features of a reverse mortgage · client...

HECM HO111 Exam Questions and Answers 100% Pass The borrower is still responsible for: - Answer- taxes, insurance, and upkeep Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Types of Reverse Mortgages - Answer- Single-purpose, federally insured, proprietary Eligible Homeowners - Answer- Age 62 and over (non-borrowing spouses may be younger), occupy home as primary residence, own the home Eligible Properties - Answer- Single family, 1-4 owner ...

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 S-271 Exam Questions and Answers 100% Pass List three items of information or materials that you need for an assignment? - Answer- line pack ppe irpg list 3 items on a resource order? - Answer- incident name reporting location charge code what are the two most important parts of the check-in process? - Answer- 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 from incident ...