Net principal limit - Study guides, Class notes & Summaries

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 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 Practice Questions and Answers 100% Pass 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 co...

Asset Allocation should conform to an individual's _____________ - Answer-risk tolerance A springing durable power of attorney is effective only on a _____________________ - Answerconditional event What is the minimum age for receiving Social Security benefits? - Answer-62 Assume Greg inherits stock from his father that he purchased at $50 per share and it appreciated to $75 per share by the date of his father's death. At the time the estate settled one year later, the stock had declined ...

Partnerships typically buy life insurance policies on each partner in order to fund the required purchase of the partner's interest in the partnership when the partner dies T/F - Answer-True Subchapter S corporation will avoid double taxation if which of the following applies? A. All the shareholders agree to be taxed as in a partnership B. The corporation files Articles of Partnership in the state where it has its principal place of business C. The corporation has no retained earnings D...

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...

ITA 110.2 provides for a deduction of "lump-sum payments", for example a court ordered termination benefit. What tax policy objective is served by this provision? Answer: Such lump-sum payments often reflect compensation for services rendered over several years. The fact that it is received in a single year can result in significant portions of it being subject to income tax rates higher than would have been the case had it been received over the several years during which it was earned. ...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

UGBA 1961 out of every 6 - correct answer Americans receive a Social Security check each month introductory rate - correct answer no rate increase for first 12 months of opening a new card, unless intro rate has ended interest rate change - correct answer must be notified 45 days in advance defaulting on credit card - correct answer if you are more than 60 days late in paying minimum, interest goes to default rate of 28-35% for an account in good standing - correct answer interest ra...

HECM Terminology Exam Questions and Answers 100% Pass Principal Limit - Answer- the maximum mortgage amount; equals the maximum claim amount times the principal limit factor. The maximum amount of money available from the loan at any given time, including the amount already borrowed, any set-asides, and any remaining available funds. Principal Limit Factor - Answer- the percent of the maximum claim amount that equals the principal limit; determined by the age of the youngest borrower and ...