Hecm test 5 - Study guides, Class notes & Summaries

Primary Mortgage Market - ANSWER Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER When utilizi...

HECM Test 5: Questions W/Complete Solutions

The objective of reverse mortgage counseling is to educate clients on 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 client needs and circumstances · features of a reverse mortgage · client responsibilities under a reverse mortgage · c...

Hecm test 5 Exam With Quizs and Verified Answers...