The flexibility of the HECM program is demonstrated in which of the following answer
choices:
A. Modified tenure, which is a combination of line of credit with ongoing monthly
payments subject to principal limit.
B. Modified term, which is a combination of line of credit with monthly payments for a
fixed period of months selected by the borrower.
C. The HECM program allows homeowners to restructure their payment options for a
nominal fee if their circumstances change.
D. Any and all of the above.
Give this one a try later!
, The correct answer is D. Yes, all of these answer choices demonstrate the
flexibility of the HECM program.
In a reverse mortgage, under which of the following circumstances could the lender
require immediate payment:
A. A government entity claims eminent domain over the property.
B. The homeowner fails to pay the property taxes on the home.
C. The homeowner fails to keep the property insured with hazard insurance.
D. All of the above.
Give this one a try later!
The correct answer is D. Yes, any of these situations would allow the lender
to demand immediate payment.
The Financial Assessment required by lenders when evaluating the risk for a HECM
loan includes all of the following, except:
A. Credit history analysis.
B. Cash flow/residual income analysis.
C. Qualifying ratios.
D. Documenting and verifying credit.
Give this one a try later!
The correct answer is C. No rigid qualifying ratios are considered.
, When a reverse mortgage becomes due and payable, all of the following are true
statements, except:
A. The lender can sell the house right away.
B. The heirs of the last surviving mortgagor can deed the property to the lender in
lieu of selling it.
C. The borrower or borrower's heirs cannot owe more than fair market value of the
property.
D. The lender has no claims on other assets owned by the mortgagor or heirs to the
estate.
Give this one a try later!
The correct answer is A. The lender is not the owner of the house, and
cannot sell it. The lender usually waits for payment for 12 months if the loan
is terminated by death of the mortgagor, and could foreclose if that
becomes necessary.
The Financial Assessment required by lenders when evaluating the risk for a HECM
loan includes which of the following:
A. Evaluate mortgagors' willingness and capacity to meet their financial obligations.
B. Evaluate mortgagors' ability to comply with mortgage requirements.
C. Determine whether the mortgagor meets FHA eligibility criteria.
D. All of the above.
Give this one a try later!
The correct answer is D. Borrowers who have met their credit obligations in
the past in a cooperative and willing manner are deemed to be good
prospects as mortgagors for a HECM loan.
choices:
A. Modified tenure, which is a combination of line of credit with ongoing monthly
payments subject to principal limit.
B. Modified term, which is a combination of line of credit with monthly payments for a
fixed period of months selected by the borrower.
C. The HECM program allows homeowners to restructure their payment options for a
nominal fee if their circumstances change.
D. Any and all of the above.
Give this one a try later!
, The correct answer is D. Yes, all of these answer choices demonstrate the
flexibility of the HECM program.
In a reverse mortgage, under which of the following circumstances could the lender
require immediate payment:
A. A government entity claims eminent domain over the property.
B. The homeowner fails to pay the property taxes on the home.
C. The homeowner fails to keep the property insured with hazard insurance.
D. All of the above.
Give this one a try later!
The correct answer is D. Yes, any of these situations would allow the lender
to demand immediate payment.
The Financial Assessment required by lenders when evaluating the risk for a HECM
loan includes all of the following, except:
A. Credit history analysis.
B. Cash flow/residual income analysis.
C. Qualifying ratios.
D. Documenting and verifying credit.
Give this one a try later!
The correct answer is C. No rigid qualifying ratios are considered.
, When a reverse mortgage becomes due and payable, all of the following are true
statements, except:
A. The lender can sell the house right away.
B. The heirs of the last surviving mortgagor can deed the property to the lender in
lieu of selling it.
C. The borrower or borrower's heirs cannot owe more than fair market value of the
property.
D. The lender has no claims on other assets owned by the mortgagor or heirs to the
estate.
Give this one a try later!
The correct answer is A. The lender is not the owner of the house, and
cannot sell it. The lender usually waits for payment for 12 months if the loan
is terminated by death of the mortgagor, and could foreclose if that
becomes necessary.
The Financial Assessment required by lenders when evaluating the risk for a HECM
loan includes which of the following:
A. Evaluate mortgagors' willingness and capacity to meet their financial obligations.
B. Evaluate mortgagors' ability to comply with mortgage requirements.
C. Determine whether the mortgagor meets FHA eligibility criteria.
D. All of the above.
Give this one a try later!
The correct answer is D. Borrowers who have met their credit obligations in
the past in a cooperative and willing manner are deemed to be good
prospects as mortgagors for a HECM loan.
