Hecm ho111 2023 exam - Study guides, Class notes & Summaries

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HECM HO111 2023 EXAM WITH COMPLETE SOLUTIONS
  • HECM HO111 2023 EXAM WITH COMPLETE SOLUTIONS

  • Exam (elaborations) • 6 pages • 2023
  • The borrower is still responsible for: - ANSWER-taxes, insurance, and upkeep Non-recourse - ANSWER-Borrower has no obligation to pay back more than the value of the home Types of Reverse Mortgages - ANSWER-Single-purpose, federally insured, proprietary Eligible Homeowners - ANSWER-Age 62 and over (non-borrowing spouses may be younger), occupy home as primary residence, own the home Eligible Properties - ANSWER-Single family, 1-4 owner occupied dwelling, FHA approved condos, manufactu...
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