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HECM Test 100% Correctly Solved 2024
HECM Test 100% Correctly Solved 2024 A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A...
- Exam (elaborations)
- • 31 pages •
HECM Test 100% Correctly Solved 2024 A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A...
HECM Practice Questions and Answers 100% Pass
HECM Practice Questions and Answers 100% Pass 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. - Answer- 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 co...
- Exam (elaborations)
- • 29 pages •
HECM Practice Questions and Answers 100% Pass 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. - Answer- 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 co...
HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS
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...
- Exam (elaborations)
- • 11 pages •
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...
HECM Exam Questions and Answers 100% Pass
HECM Exam Questions and Answers 100% Pass List 3 items of information or materials that you need for an assignment - Answer- Fireline Pack, IRPG, Fiber Tape List 3 items on a resource order - Answer- Incident Name, Incident Order #, Transportation Arrangements What are the two most important parts of the check-in process - Answer- Checking in at ICP, Getting a solid brief List 5 items pf information you should receive in your initial briefing from the Incident Supervisor - Answer- IAP, M...
- Exam (elaborations)
- • 7 pages •
HECM Exam Questions and Answers 100% Pass List 3 items of information or materials that you need for an assignment - Answer- Fireline Pack, IRPG, Fiber Tape List 3 items on a resource order - Answer- Incident Name, Incident Order #, Transportation Arrangements What are the two most important parts of the check-in process - Answer- Checking in at ICP, Getting a solid brief List 5 items pf information you should receive in your initial briefing from the Incident Supervisor - Answer- IAP, M...
HECM Test 100% Solved 2024
HECM Test 100% Solved 2024 A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counselin...
- Exam (elaborations)
- • 31 pages •
HECM Test 100% Solved 2024 A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counselin...
HECM Exam Questions and Answers 100% Correct
HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...
- Exam (elaborations)
- • 7 pages •
HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...
Hecm test 5 100% Correctly Solved
Hecm test 5 100% Correctly Solved The objective of reverse mortgage counseling is to educate clients on - Answer- how reverse mortgages work and their implications · the appropriateness of a reverse mortgage for their personal and financial situations, and · possible financial alternatives to reverse mortgages The following topics must be thoroughly covered in every reverse mortgage counseling session - Answer- client needs and circumstances · features of a reverse mortgage · client...
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- Exam (elaborations)
- • 13 pages •
Hecm test 5 100% Correctly Solved The objective of reverse mortgage counseling is to educate clients on - Answer- how reverse mortgages work and their implications · the appropriateness of a reverse mortgage for their personal and financial situations, and · possible financial alternatives to reverse mortgages The following topics must be thoroughly covered in every reverse mortgage counseling session - Answer- client needs and circumstances · features of a reverse mortgage · client...
HECM Counseling Certification Exam Questions and Answers 100% Pass
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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- Exam (elaborations)
- • 11 pages •
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...
HECM Terminology Exam Questions and Answers 100% Pass
HECM Terminology Exam Questions and Answers 100% Pass Principal Limit - Answer- the maximum mortgage amount; equals the maximum claim amount times the principal limit factor. The maximum amount of money available from the loan at any given time, including the amount already borrowed, any set-asides, and any remaining available funds. Principal Limit Factor - Answer- the percent of the maximum claim amount that equals the principal limit; determined by the age of the youngest borrower and ...
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- Exam (elaborations)
- • 11 pages •
HECM Terminology Exam Questions and Answers 100% Pass Principal Limit - Answer- the maximum mortgage amount; equals the maximum claim amount times the principal limit factor. The maximum amount of money available from the loan at any given time, including the amount already borrowed, any set-asides, and any remaining available funds. Principal Limit Factor - Answer- the percent of the maximum claim amount that equals the principal limit; determined by the age of the youngest borrower and ...
HECM HO111 Exam Questions and Answers 100% Pass
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 ...
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- Exam (elaborations)
- • 7 pages •
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 ...
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