Hecm ho111 - Study guides, Class notes & Summaries

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hecm study guide with 100% correct answers
  • hecm study guide with 100% correct answers

  • Exam (elaborations) • 3 pages • 2023
  • 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...
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HECM HO111 Exam with complete solutions
  • HECM HO111 Exam with complete solutions

  • Exam (elaborations) • 6 pages • 2023
  • 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...
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HECM HO111 – 70 QUESTION AND ANSWERS
  • HECM HO111 – 70 QUESTION AND ANSWERS

  • Exam (elaborations) • 5 pages • 2023
  • HECM HO111 – 70 QUESTION AND ANSWERS
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