Hecm tenure payment plan Study guides, Class notes & Summaries
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HECM Practice Questions with Complete Solutions
- Exam (elaborations) • 17 pages • 2023
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The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. correct answers b 
 
If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: 
a. 15% of the maximum claim amount. 
b. 100% of the actual cost of repairs. 
c. 100% of the estimated ...
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HECM HO111 Exam with complete solutions
- Exam (elaborations) • 6 pages • 2023
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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...
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