Reverse mortgages exam - Study guides, Class notes & Summaries

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...

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 ...

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...

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 ...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - correct answer TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed...

MA Real Estate Exam Study Guide 2024 Questions and Answers Appraisal - Answer- An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage - Answer- The business of bringing people together in a real estate transaction. Commerical - Answer- The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development - Answer- The term for the construction of improvements upon the...

MA Real Estate Exam Study Guide 2024 Appraisal -Answer-An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage -Answer-The business of bringing people together in a real estate transaction. Commerical -Answer-The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development -Answer-The term for the construction of improvements upon the land. Elevation Certificate -...