Hecm ho111 Study guides, Class notes & Summaries

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 is below 200% of poverty level or if the borrower is disabled. This is specifically stated in the HUD regulations The initial interest rate on an adjustable-rate HECM is based on: NeighborWor...

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 occupied dwelling, FHA approved condos, manufactu...

HECM HO111 – 70 QUESTION AND ANSWERS