PACKAGE OF HECM EXAM 2023

HECM test bank questions correctly answered 2023The 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 Amoun...

HECM Terminology with complete solution 2023Principal Limit 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...

HECM questions with 100% correct answers 2023List 3 items of information or materials that you need for an assignment Fireline Pack, IRPG, Fiber Tape List 3 items on a resource order Incident Name, Incident Order #, Transportation Arrangements What are the two most important parts of...

Reverse Mortgage (HECM) or Home Equity Conversion mortgage 2023How old do you have to be to qualify for a Reverse Mortgage 62 years or older Who retains ownership of the property The Borrower When is the Reverse Mortgage due When the owner sells the home or dies What is the m...

Hecm test 5 questions and answers 2023Once 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 clie...

Reverse Mortgages questions with complete solution 2023Who are reverse mortgages popular products for and why? Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? Allow older homeowners to use equity in their hom...

HECM S-271 questions and answers latest 2023List three items of information or materials that you need for an assignment? line pack ppe irpg list 3 items on a resource order? incident name reporting location charge code what are the two most important parts of the check-in proces...

2021 Loan CE 5-8(hecm)questions with 100% correct answers 2023The Mortgage Acts and Practices — Advertising rule is known as: Regulation N. Which of these is a violation of Reg N? Misrepresenting a negative amortizing mortgage as a fully amortizing mortgage. Which of these is requi...

EXAM 9(HECM)questions and answers 2023All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: A. The counselor explains the cost of the loan and the financial implications of obtaining it. B. The counselor is paid only if the bo...

Mlo 7,8,9(HEMC)questions with complete solutions 2023Which of the following best defined negative amortization Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deffered interest Which of the following is the mos...

CR26 - Reg Z Reverse Mortgages Questions and answers 2023 (verified)B FB2B0E2D96FC4319B64C1E5F4E711CE5 Not answered. The correct answer is B. A, C, and D are incorrect because they are all advantages of a reverse mortgage. 1. While a reverse mortgage sounds like a great idea, they are not suita...