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HECM Test 100% Correctly Solved 2024
HECM Test 100% Correctly 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...
- Exam (elaborations)
- • 31 pages •
HECM Test 100% Correctly 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...
HECM Practice Questions and Answers 100% Pass
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...
- Exam (elaborations)
- • 29 pages •
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...
HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS
HECM REVERSE MORTGAGE EXAM QUESTIONS AND 
ANSWERS 100% PASS 
HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME 
PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH 
FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST 
PEOPLE USE TO PURCHASE HOME 
FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME 
THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER 
REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS 
HECM BASIC FEATURES - Answer- THE BORROWE...
- Exam (elaborations)
- • 11 pages •
HECM REVERSE MORTGAGE EXAM QUESTIONS AND 
ANSWERS 100% PASS 
HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME 
PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH 
FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST 
PEOPLE USE TO PURCHASE HOME 
FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME 
THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER 
REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS 
HECM BASIC FEATURES - Answer- THE BORROWE...
HECM Exam Questions and Answers 100% Pass
HECM Exam Questions and Answers 100% Pass 
List 3 items of information or materials that you need for an assignment - Answer- 
Fireline Pack, IRPG, Fiber Tape 
List 3 items on a resource order - Answer- Incident Name, Incident Order #, 
Transportation Arrangements 
What are the two most important parts of the check-in process - Answer- Checking in at 
ICP, Getting a solid brief 
List 5 items pf information you should receive in your initial briefing from the Incident 
Supervisor - Answer- IAP, M...
- Exam (elaborations)
- • 7 pages •
HECM Exam Questions and Answers 100% Pass 
List 3 items of information or materials that you need for an assignment - Answer- 
Fireline Pack, IRPG, Fiber Tape 
List 3 items on a resource order - Answer- Incident Name, Incident Order #, 
Transportation Arrangements 
What are the two most important parts of the check-in process - Answer- Checking in at 
ICP, Getting a solid brief 
List 5 items pf information you should receive in your initial briefing from the Incident 
Supervisor - Answer- IAP, M...
HECM Test 100% Solved 2024
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...
- Exam (elaborations)
- • 31 pages •
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...
HECM Exam Questions and Answers 100% Correct
HECM Exam Questions and Answers 100% Correct 
What is the role of the Housing Counseling Agency in the HECM program? - Answer- 
Educate the consumer about the costs and benefits of the HECM program. 
What is home equity? - Answer- Home value minus liens on the home. 
In what two ways are HECM's different from "home equity loans"? - Answer- Do not 
have to be able to make monthly payments or make monthly payments. 
What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...
- Exam (elaborations)
- • 7 pages •
HECM Exam Questions and Answers 100% Correct 
What is the role of the Housing Counseling Agency in the HECM program? - Answer- 
Educate the consumer about the costs and benefits of the HECM program. 
What is home equity? - Answer- Home value minus liens on the home. 
In what two ways are HECM's different from "home equity loans"? - Answer- Do not 
have to be able to make monthly payments or make monthly payments. 
What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...
Hecm test 5 100% Correctly Solved
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...
- Package deal
- Exam (elaborations)
- • 13 pages •
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...
HECM Counseling Certification Exam Questions and Answers 100% Pass
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...
- Package deal
- Exam (elaborations)
- • 11 pages •
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 Terminology Exam Questions and Answers 100% Pass
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 ...
- Package deal
- Exam (elaborations)
- • 11 pages •
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 HO111 Exam Questions and Answers 100% Pass
HECM HO111 Exam Questions and 
Answers 100% Pass 
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 ...
- Package deal
- Exam (elaborations)
- • 7 pages •
HECM HO111 Exam Questions and 
Answers 100% Pass 
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 ...
Xcel Solutions Property & Casualty Exam Questions and Answers
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
the answers are incorrect
Product Owner/ Product Manager(POPM) SAFe Agile Exam Questions and Answers
CT DMV Knowledge Test 100% Correct Solved
Fiscal Law Final Exam QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE