HECM
Liberty University
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Reverse Mortgage (HECM) or Home Equity Conversion mortgage
- Exam (elaborations) • 1 pages • 2023
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How old do you have to be to qualify for a Reverse Mortgage correct answer: 62 years or older 
 
Who retains ownership of the property correct answer: The Borrower 
 
When is the Reverse Mortgage due correct answer: When the owner sells the home or dies 
 
What is the minimum credit score to qualify correct answer: No minimum credit score 
 
What is the minimum DTI to qualify correct answer: No minimum DTI (no income verification) 
 
Why is there no minimum DTI/Credit score to qualify for a...
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HECM set questions with verified answers
- Exam (elaborations) • 5 pages • 2023
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List 3 items of information or materials that you need for an assignment correct answer: Fireline Pack, IRPG, Fiber Tape 
 
List 3 items on a resource order correct answer: Incident Name, Incident Order #, Transportation Arrangements 
 
What are the two most important parts of the check-in process correct 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 correct answer: IAP, Medical Plan, ...
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hecm study guide questions with complete solutions
- Exam (elaborations) • 2 pages • 2023
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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: ...
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HECM Test| 142 QUESTIONS| WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 19 pages • 2023
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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 correct answer: E. 
 
Termination of agency's HUD approval 
Suspension of agency's HUD approval 
 Forfeiture of remaining federal grant funds 
 
T/F A counseling agency must off...
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HECM Practice| 128 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 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 cost of repairs. 
c. 100% of the estimated...
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