Reverse Mortgages Exam Questions and Answers 100% Pass

Reverse Mortgages Exam Questions and Answers 100% Pass Who are reverse mortgages popular products for and why? - Answer- Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? - Answer- Allow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? - Answer- They are not required to repay as long as they continue to live in the home At what age are reverse mortgages available to? - Answer- Borrower must be 62 years or older and must reside in their home When must the mortgage be payable in full? - Answer- Mortgage must be payable in full when the home is sold or last surviving homeowner dies What happens to the Interest in a reverse mortgage? - Answer- Interest is charged on the outstanding balance and added to the debt What happens to the debt in a reverse mortgage? - Answer- it increases with each advancement of credit and with accrued interest What are the 3 types of reverse mortgages - Answer- Single purpose reverse mortgage Home Equity Conversion Mortgages Proprietary Mortgages