Reverse mortgages exam - Study guides, Class notes & Summaries

Reverse Mortgages Exam B

Reverse Mortgages Exam B

Reverse Mortgages Exam Test

CRPC Practice Exam 1 A lump sum payment of the proceeds of a life insurance policy that is made to the beneficiary upon the insured's death - CORRECT ANSWER is generally exempt from income taxation. The lump sum proceeds of a life insurance policy (even if a MEC) paid to a beneficiary are generally exempt from income taxation. Withdrawals and loans from a MEC may be taxable. Life insurance proceeds, however, are subject to estate taxes if the deceased owned a life insurance po...

Reverse Mortgages Exam

HECM Practice Exam Questions 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. - 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...

Who are reverse mortgages popular products for and why? correct answersPopular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? correct answersAllow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? correct answersThey are not required to repay as long as they continue to live in the home At what age are reve...

Popular for older homeowners who have equity in their homes and little or no income correct answersWhat are reverse Mortgages popular for and why? Allow older homeowners to use equity in their homes to meet expenses of living or home improvements. correct answersWhat do reverse mortgages allow people to do? They are not required to repay as long as they continue to live in the home? correct answersAre borrowers required to repay a reverse mortgage? Borrower must be 62 years or older and...

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...

NMLS Safe Test Mortgage Licensing Practice Exam Q's with Complete Solutions Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, r...