Now that you have viewed the course, you must complete this online quiz in test your knowledge. When you have completed the last question, click the “Finish Your Understanding and Feedback” button to submit your final answers. You may not return to review or change your answers after submitting or if you close the browser window. You may restart the quiz if needed.
Your quiz score will be displayed on your screen upon submitting your answers. A score of 70% is required to pass the quiz.
Your Understanding and Feedback Summary
0 of 5 Questions completed
You have already completed the your understanding and feedback before. Hence you can not start it again.
Your Understanding and Feedback is loading…
You must sign in or sign up to start the your understanding and feedback.
You must first complete the following:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
We regret to inform you that you have not passed the quiz. You must earn a score of 70 or higher in order to pass this exam and earn 1.0 CE credit hour if you need CE credit.
We suggest you wait at least one day before taking this quiz again, to allow yourself ample review time.
You passed the quiz. If you need CE credit, we will report your 1.0 CE credit hour for CFP® and CRC®. You are responsible for reporting your 1.0 CE credit hour for ASPPA. CRPC® and the American College’s Professional Recertification Program (CLU®, ChFC®, RICP®, CASL). Please print your certificate for your records.
1. Question1 point(s)
The following are common uses of a Home Equity Conversion Mortgage (HECM) today, except:The following are common uses of a Home Equity Conversion Mortgage (HECM) today, except:
2. Question1 point(s)
When government first created the reverse mortgage in 2010, there were minimal rules; if you were 62 and over and you lived in a home, you would qualify for the reverse mortgage. Homeowners, loan officers, and lenders abused the program. The following is true about what has changed in the reverse mortgage market since then, except:
3. Question1 point(s)
Reasons to consider using a HECM include the following, except:
4. Question1 point(s)
Reasons to consider not using a HECM include the following, except:
5. Question1 point(s)
Reasons to use a HECM for Purchase mortgage include the following, except: