HECM PACKAGE DEAL

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 ...

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: HECM Counseling Protocol 5.B.7.c; The Protocol specifically requires Benefits CheckUp be completed if the borrower's...

The objective of reverse mortgage counseling is to educate clients on 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 topic...

Reverse Mortgage A reverse mortgage is a loan against home equity providing cash advances to a borrower, and requiring no repayment until a future time. Purpose of a reverse mortgage? to generate cash Basic features of a reverse mortgage 1. the borrower retains the title 2. the bor...

HECM Home Equity Conversion Mortgage this is under the FHA Reverse mortgage -an umbrella term that can refer to multiple things 1) FHA / HECM (we are only talking about the FHAHECM) 2) Private companies 00:00 01:15 Details about the FHA HECM program -Its an FHA Program ...

List 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 00:03 01:15 What are the two most important parts of the check-in process ...

List 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 00:02 01:15 what are the two most important parts of the check-in process? locate and chec- i...

Principal 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 available funds. Principal Limit Fac...

How old do you have to be to qualify for a Reverse Mortgage 62 years or older Who retains ownership of the property The Borrower 00:19 01:15 When is the Reverse Mortgage due When the owner sells the home or dies What is the minimum credit score to qualify No minimu...

HOME EQUITY HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE GENERATE CASH 00:40 01:15 FORWARD MORTGAGE PURPOSE THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES ...