Reverse mortgage - Study guides, Class notes & Summaries

HOME EQUITY correct answers HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE correct answers GENERATE CASH FORWARD MORTGAGE PURPOSE correct answers THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE correct answers BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE correct answers RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES correct answers THE BORROWER RETAINS TITLE T...

An economic recovery is defined as A) two successive quarterly declines in the gross domestic product. B) two successive quarterly increases in the gross domestic product. C) a period of higher housing prices. D) two successive periods of stock market gains. correct answers B) two successive quarterly increases in the gross domestic product. Explanation When consumers, lured by lower prices, venture back into the market, business activity increases and confidence begins to return. Sl...

Reverse Mortgages Exam Questions and Answers 100% Pass Who are reverse mortgages popular products for and why? - Answer- Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? - Answer- Allow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? - Answer- They are not required to repay as long as they continue to...

Reverse Mortgages Exam Questions and Answers 100% Pass Reverse Mortgages - Answer- A loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements T or F? Borrowers do not have to repay the loan as long as they continue to live in the house - Answer- TRUE What are the 3 types of Reverse Mortgages? - Answer- 1. Sing...

Reverse Mortgages Exam Questions and Answers 100% Pass Who are reverse mortgages popular products for and why? - Answer- Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? - Answer- Allow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? - Answer- They are not required to repay as long as they continue to...

Reverse Mortgages Exam Questions and Answers 100% Pass Reverse Mortgages - Answer- A loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements T or F? Borrowers do not have to repay the loan as long as they continue to live in the house - Answer- TRUE What are the 3 types of Reverse Mortgages? - Answer- 1. Sing...

mortgage Broker - Answer- Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer- Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer- Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer- The process of creating a new mortgage loan U...

Reverse Mortgages Exam Questions and Answers 100% Pass Reverse Mortgages - Answer- A loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements T or F? Borrowers do not have to repay the loan as long as they continue to live in the house - Answer- TRUE What are the 3 types of Reverse Mortgages? - Answer- 1. Sing...

Reverse Mortgages Exam Questions and Answers 100% Pass Who are reverse mortgages popular products for and why? - Answer- Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? - Answer- Allow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? - Answer- They are not required to repay as long as they continue to...

CH 21 REVERSE MORTGAGES