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Home Equity Conversion Mortgage (HECM) Questions and Answers Latest (Verified 100% correct Answers) $7.99   Add to cart

Exam (elaborations)

Home Equity Conversion Mortgage (HECM) Questions and Answers Latest (Verified 100% correct Answers)

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Home Equity Conversion Mortgage (HECM) Questions and Answers Latest (Verified 100% correct Answers)

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  • November 16, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • HECM
  • HECM
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AnswersCOM
Home Equity Conversion Mortgage (HECM)
Questions and Answers Latest 2024 -2025
(Verified 100% correct Answers)
Must be 62 or older, own property or have it almost paid off, no federal debt delinquency, be
able to pay your own taxes, insurance and association fees, participate, in HUD consumer
information session. Loan amount bases on age of the youngest borrower, current interest rate,
lesser of appraised value/ 625k, and initial MIP (.5 OR 2.5%) - ✔✔Home Equity Conversion
Mortgage (HECM)

- ✔✔Tenure

equal monthly payments for fixed time period selected - ✔✔Term

homeowner draws money as needed up to limited amount - ✔✔line of credit

combo of line of credit and scheduled monthly payments as long as borrower is in the home -
✔✔modified tenure

combo of line of credit and fixed payments for a specific time period - ✔✔modified term

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