Hecm exam 2023 - Study guides, Class notes & Summaries

HECM Test (2023/ 2024 Update) Questions and Verified Answers Q: T/F The agency is not permitted to provide a copy of the counseling certificate to a borrower's lender. Answer: False. Q: What role does FHA (Federal Housing Administration) play in Home Equity Conversion Mortgages? A. FHA sells the HECM loans on the secondary market B. FHA provides a strict rule of guidelines that lenders must adhere to C. FHA insures HECM loans D. FHA first instituted but no longer plays any p...

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HECM 2023 Test Prep| Questions and Answers (Verified Answers)

HECM Test Questions and Answers Latest 2023 With Verified Answers.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...

To qualify for a HECM loan a) The home must be completely paid off b) the home must have been originally financed with an FHA "forward" mortgage c) the borrower must live in the home as a principal residence d) the borrower must be low-income Ans - c To qualify for a HECM loan a) at least one owner must be aged 65 or over b) a mobile home or cooperative must be FHA-approved c) a home must be debt free prior to loan application d) none of the above Ans - d When a HECM loan is repaid, ...

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...

EXAM 9(HECM)questions and answers 2023All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: A. The counselor explains the cost of the loan and the financial implications of obtaining it. B. The counselor is paid only if the borrower goes through with the reverse mortgage. C. At the end of the session, the counselor will provide a required certification of counseling. D. The counselor will provide guidance and advice on s...