HECM Test Questions and Answers Latest (Verified Answers)

HECM Test Questions and Answers Latest (Verified Answers)
Question 1: 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.
CORRECT ANSWER: b
Question 2: 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 cost of repairs.
c. 100% of the estimated cost of repairs.
d. 150% of the estimated cost of repairs.

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