Hecm reverse mortgage Study guides, Class notes & Summaries
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HECM Practice exam questions and answers
- Exam (elaborations) • 17 pages • 2024
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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 || All Questions Answered Correctly.
- Exam (elaborations) • 19 pages • 2024
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Available in package deal
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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 correct answers 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 offe...
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HECM Test Exam Questions And Revised Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
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- $14.49
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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...
-
HECM Practice exam questions and answers
- Exam (elaborations) • 17 pages • 2024
- Available in package deal
-
- $15.99
- + learn more
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 Test Practice Questions |Questions with 100% Correct Answers | Updated & Verified 2024
- Exam (elaborations) • 21 pages • 2024
- Available in package deal
-
- $12.49
- + learn more
HECM Test Practice Questions |Questions 
with 100% Correct Answers | Updated & 
Verified 2024 
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. - answerb 
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 ma...
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HECM Test Exam Questions And Revised Correct Answers
- Exam (elaborations) • 29 pages • 2024
-
- $12.99
- + learn more
HECM Test 
Exam Questions And Revised 
Correct Answers 
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 feder...
-
Hecm test 5 100% Correctly Solved
- Exam (elaborations) • 13 pages • 2024
- Available in package deal
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- $12.49
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Hecm test 5 100% Correctly Solved 
The objective of reverse mortgage counseling is to educate clients on - Answer- how 
reverse mortgages work and their implications 
· the appropriateness of a reverse mortgage for their personal and financial 
situations, and 
· possible financial alternatives to reverse mortgages 
The following topics must be thoroughly covered in every reverse mortgage 
counseling session - Answer- client needs and circumstances 
· features of a reverse mortgage 
· client...
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HECM Test 2024 All Answers Correct
- Exam (elaborations) • 25 pages • 2024
-
- $17.49
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HECM Test 2024 All Answers Correct 
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 
E. 
Termination of agency's HUD approval 
Suspension of agency's HUD approval 
Forfeiture of remaining federal grant funds 
T/...
-
HECM Test Exam Questions And Revised Correct Answers 2024
- Exam (elaborations) • 19 pages • 2024
- Available in package deal
-
- $13.99
- + learn more
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...
-
HECM Test 100% Solved 2024
- Exam (elaborations) • 31 pages • 2024
-
- $13.49
- + learn more
HECM Test 100% Solved 2024 
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 counselin...
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