Hecm - Study guides, Class notes & Summaries
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HECM Test Exam Questions with 100% Correct Answers | Verified | Latest Update
- Exam (elaborations) • 47 pages • 2024
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HECM Test Exam Questions with 100% Correct Answers | Verified | Latest Update
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HECM Exam Questions With 100% Correct Answers 2024
- Exam (elaborations) • 34 pages • 2024
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HECM Exam Questions With 100% Correct Answers 2024
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HECM Practice exam questions and answers
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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...
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HECM Test Exam Questions And Revised Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
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HECM Test Exam Questions And Revised Correct 
Answers 2024 
A borrower got her HECM loan many years ago when the lending limit for her county 
was $600,000. Her home is appraised for $800,000. What is the most her repayment of 
the loan could be? 
A. $600,000 
B. $800,000 
C. 75% of appraised value 
D. Net proceeds from selling the home - ANSWERS D 
A borrower has a $200,000 home value. What is the likely upfront cost added to the 
loan balance at closing? (Revisit. Where is the formula?) 
A...
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HECM Test Exam Questions And Revised Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
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HECM Test Exam Questions And Revised Correct 
Answers 2024 
A borrower got her HECM loan many years ago when the lending limit for her county 
was $600,000. Her home is appraised for $800,000. What is the most her repayment of 
the loan could be? 
A. $600,000 
B. $800,000 
C. 75% of appraised value 
D. Net proceeds from selling the home - ANSWERS D 
A borrower has a $200,000 home value. What is the likely upfront cost added to the 
loan balance at closing? (Revisit. Where is the formula?) 
A...
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HECM Test Questions With Complete Solutions Rated A+
- Exam (elaborations) • 27 pages • 2024
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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 - 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 offer and provi...
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HECM Exam questions and correct answer
- Exam (elaborations) • 14 pages • 2024
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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...
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HECM Test Exam Questions And Revised Correct Answers updated
- Exam (elaborations) • 19 pages • 2024
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HECM Test Exam Questions And Revised Correct Answers 
updated 
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 - ANSWERS E. 
Termination of agency's HUD approval 
Suspension of agency's HUD approval 
Forfeiture of remaining ...
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HECM Terminology Exam Questions With 100% Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
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HECM Terminology Exam Questions With 100% Correct Answers 2024
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HECM Practice Questions and Answers 2024 Correctly done
- Exam (elaborations) • 25 pages • 2024
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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. - 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 cost of ...
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