Reverse mortgages 3 - Study guides, Class notes & Summaries

NMLS TEST-Affinity Exam Questions with Complete Solutions Which regulation requires the lenders to "BE EQUAL" when extending credit to borrowers? - Answer-ECOA How old must a borrower be to qualify for a Reverse Mortgage? - Answer-62 years old Which regulation has the primary function of preventing Identity Theft? - Answer-FACT Act Which regulation has Section 114 Rules? - Answer-FACT Act Which regulation requires the creditor to verify the VALIDITY of any change of address rece...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

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 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 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...

NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - correct answer TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed...

FiCEP Study Guide (Final) Verified Answers $1 million or more Umbrella liability coverage is laid on top of existing homeowner and auto policies to provide additional coverage of ______. $30,000 Two-thirds of working women earn less than _____ a year; when compared to men, women are more likely to work in part-time jobs that are linked to lower wages, a lower rate of promotion, a lower rate of pension, and smaller retirement benefits. $5,500 Contributions to both Traditional and Roth IR...

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...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...