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HECM Practice Exam 2025 Questions and Answers
HECM Practice Exam 2025 Questions and Answers
Course:
HECM
Institution:
HECM
HECM Practice Exam 2025 Questions and Answers
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| Uploaded on: | September 14, 2025 |
| Last updated: | September 14, 2025 |
| Number of pages: | 39 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | HECM Practice Exam 2025 Questions and Answers |
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HECM Practice Exam 2025 Questions and Answers 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 cost of repairs. c. 100% of the estimated cost of repairs. d. 150% of the estimated cost of repairs. - --Answer --d TALC rates generally are greatest when borrowers live: ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
