Non recourse debt Study guides, Class notes & Summaries

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

NMLS Practice Test Questions and Answers latest updated 2024 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days •90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance cost of fund index Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:07 / 0:15 Full screen 3) Subordinate financing relates to ...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

HECM Practice exam questions and answers 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. - ANSWERS 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 cos...

HECM Practice exam questions and answers 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. - ANSWERS 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 cos...

IRS forms - correct answer-1040 Individuals 1065 partnerships Schedule A itemized deductions Schedule K-1 partnership distributions AGI - correct answer-Wages, salaries + ordinary dividends + rental real estate income= total income - Qualified plan/IRA contribution= AGI AGI Self Employed - correct answer-LLC Income + other income = total income -(SUBTRACT) HSA, half self-employment tax paid, SEP contribution, self-employed health insurance deduction = AGI Above the line deductio...

NATIONAL REAL ESTATE EXAM PRACTICE TEST 100% SOLVED 2024 In most cases, broker compensation, as a percentage of home price, falls somewhere between: - Answer- 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Answer- Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased...

In most cases, broker compensation, as a percentage of home price, falls somewhere between: - correct answer -5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - correct answer -Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? - correct answer -The tenant re...

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...