Hecm ho111 - Study guides, Class notes & Summaries

HECM HO111 EXAM QUESTIONS WITH COMPLETE SOLUTIONS

HECM HO111 Complete Questions And Answers With Verified Solutions HECM HO111 Complete Questions And Answers With Verified Solutions

HECM HO111 Exam Questions and Answers 100% Pass 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 ...

HECM HO111 Exam Questions and Answers 100% Pass 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 ...

HECM HO111 Exam Questions and Answers 100% Pass 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 ...

HECM HO111 – Question And Answers

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...

A client who is disabled due to medical malpractice reports that he has $4,000 per month income from a settlement, and $50,000 in a retirement account. The counselor is required to: - HECM Counseling Protocol 5.B.7.c; The Protocol specifically requires Benefits CheckUp be completed if the borrower's is below 200% of poverty level or if the borrower is disabled. This is specifically stated in the HUD regulations The initial interest rate on an adjustable-rate HECM is based on: - NeighborWor...

A client who is disabled due to medical malpractice reports that he has $4,000 per month income from a settlement, and $50,000 in a retirement account. The counselor is required to: correct answer: HECM Counseling Protocol 5.B.7.c; The Protocol specifically requires Benefits CheckUp be completed if the borrower's is below 200% of poverty level or if the borrower is disabled. This is specifically stated in the HUD regulations The initial interest rate on an adjustable-rate HECM is based on: ...