Test Your Reverse Mortgage Knowledge

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* 1. Please Fill In Your Contact Information.

Name *

Title *

Company

COVID-19 Address

City/Town

State/Province

ZIP/Postal Code

Email Address *

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* 2. How much home equity is held by those who are 62+?

10.1 Trillion

9.2 Trillion

11.6 Trillion

4.3 Trillion

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* 3. What percentage of Americans 65+ own a home?

50%

82%

79%

63%

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* 4. How many baby boomers reach the eligible age for a HECM (62) a year?

2.85 Million

4.22 Million

3.65 Million

3.38 Million

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* 5. Why has the HECM demographic been underserved?

A. Until 2020 there was little to no technology coexistence

B. Lack of education/ limited loan modeling and comparison tools to work with

C. Both A and B

D. Borrowers are ineligible because they couldn’t get enough money

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* 6. What about a HECM makes it more profitable for a lender than a traditional forward loan?

Intense competition

Volumes challenged in rising rates

They don’t have to follow HUD guidelines

The Tails can be Securitized

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* 7. True or False - The borrower/homeowner depletes or recycles home equity when continually refinancing.

True

False

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* 8. Yes or No - Can a reverse mortgage help protect an inheritance for heirs?

Yes

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* 9. A reverse mortgage can…

Help protect the inheritance for a senior borrower's heirs

Provide flexibility of cash flow

Allows seniors to age in place

All of the above

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* 10. True or False – Reverse mortgages are not a financial last resort.

True

False

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* 11. Which of the following are needed to qualify a borrower for a reverse loan?

A - Age

B - Income

C - Home Value

D - Both A and C