Reverse mortgage - Study guides, Class notes & Summaries
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HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS
- Exam (elaborations) • 11 pages • 2024
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HECM REVERSE MORTGAGE EXAM QUESTIONS AND 
ANSWERS 100% PASS 
HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME 
PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH 
FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST 
PEOPLE USE TO PURCHASE HOME 
FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME 
THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER 
REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS 
HECM BASIC FEATURES - Answer- THE BORROWE...
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45 Hour Post License Real Estate Florida Test Questions With Answers Latest Updated 2024/2025 (GRADED)
- Exam (elaborations) • 30 pages • 2024
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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...
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Reverse Mortgages Exam Questions and Answers 100% Pass
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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...
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Reverse Mortgages Exam Questions and Answers 100% Pass
- Exam (elaborations) • 4 pages • 2024
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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...
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Reverse Mortgages Exam Questions and Answers 100% Pass
- Exam (elaborations) • 4 pages • 2024
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- $10.49
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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...
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Reverse Mortgages Exam Questions and Answers 100% Pass
- Exam (elaborations) • 4 pages • 2024
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- $10.49
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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...
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Champions real estate finance Exam Questions with Verified Answers
- Exam (elaborations) • 8 pages • 2023
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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...
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Reverse Mortgages Exam Questions and Answers 100% Pass
- Exam (elaborations) • 4 pages • 2024
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- $10.49
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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
- Exam (elaborations) • 4 pages • 2024
-
- $10.49
- + learn more
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 Mortgage EXAM 9 questions with complete solutions
- Exam (elaborations) • 11 pages • 2023
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All 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 borrower goes through with the reverse mortgage. 
C. At the end of the session, the counselor will provide a required certification of counseling. 
D. The counselor will provide guidance and advice on selecting a lender for the reverse mort...
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