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HECM Terminology Complete Questions And Answers With Latest Quiz
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---14april 20252024/2025A+
- HECM Terminology Complete Questions And Answers With Latest Quiz 
 
.203-b Limit (no longer used as of 11/2009) - ANSWER-the maximum amount of home value that could be used to calculate the principal limit; varied by county, and also equals the limit on HUD's loan insurance under section 203 (b) of the National Housing Act 
 
.A 62 year old borrower would get _____ money from a HECM than a 82 year old borrower. 
a. more 
b. less 
c. the same amount - ANSWER-b 
 
.A HECM does not have to be...
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