Reverse mortgages 3 - Study guides, Class notes & Summaries
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MLO SAFE Test 2024 (Michigan) | Latest Update | 2024/2025 | Already Passed
- Exam (elaborations) • 58 pages • 2024
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MLO SAFE Test 2024 (Michigan) | Latest 
Update | 2024/2025 | Already Passed 
 
10th Amendment - The powers not delegated to the United States by the Constitution, nor 
prohibited by it to the States, are reserved to the States respectively, or to the people. 
 
203(b) - Fixed Rate Mortgages 
- 15, 20, 25, or 30 year term 
 
203(k) - Rehab and Repair 
- Used for repairing the property 
 
204(g) - Good Neighbor Next Door (GNND) 
- 50% discount for law enforcement, teachers, firefighters, or emerge...
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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
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Reverse Mortgages Exam Questions and 
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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
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Reverse Mortgages Exam Questions and 
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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 
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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NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024.
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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...
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HECM Counseling Certification Exam Questions and Answers 100% Pass
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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...
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NMLS TEST-Affinity Questions and Answers, Graded A+
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NMLS TEST-Affinity Questions and Answers, Graded A+ 
What law deals with credit, APR & Advertising of consumer loans? 
TILA 
 
 
 
Which regulation prohibits kickbacks? 
RESPA 
 
 
 
 
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Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? 
HPA-Homeowners Protection Act 
 
 
 
Which Regulation prohibits fee splitting? 
RESPA 
 
 
 
Regulation X i...
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FiCEP Study Guide (Final) Verified Answers
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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...
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NMLS Safe Test Mortgage Licensing Practice Exam Q's (from 2019 NMLS 20 Hour Safe Exam for Loan Originator) with Complete Solutions
- Exam (elaborations) • 29 pages • 2023
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NMLS Safe Test Mortgage Licensing Practice Exam Q's (from 2019 NMLS 20 Hour Safe Exam for Loan Originator) with Complete SolutionsNMLS Safe Test Mortgage Licensing Practice Exam Q's (from 2019 NMLS 20 Hour Safe Exam for Loan Originator) with Complete SolutionsNMLS Safe Test Mortgage Licensing Practice Exam Q's (from 2019 NMLS 20 Hour Safe Exam for Loan Originator) with Complete SolutionsWhich federal law requires that the Loan Estimate be provided to the borrower within three business days of...
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