Reverse mortgages - Study guides, Class notes & Summaries

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...

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...

Reverse Mortgages Exam

Reverse Mortgages Test b

Reverse Mortgages

Reverse Mortgages

Chapter 6 Reverse Mortgages

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...

Reverse Mortgages Test b