Reverse Mortgage Fun Activity

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Across
  1. 1. Potential increase in available credit if the loan has this feature
  2. 3. Amount of money set aside to complete required repairs
  3. 4. A payment plan that provides for a monthly disbursement to a borrower for a specific period of time
  4. 5. Acronym for Payoff Quote
  5. 6. Free housing advice for reverse mortgage borrowers
  6. 9. A type of payment plan allowing borrowers to draw available funds as needed
  7. 12. Any event which causes a reverse mortgage to be called due and payable
  8. 13. Loan status when a borrower fails to comply with one or more terms of the loan
  9. 16. First year restriction - amount of funds that can be disbursed during the first year after closing
Down
  1. 2. The original amount of credit a reverse mortgage borrower qualifies to borrow
  2. 4. A payment plan that provides for a monthly disbursement to a borrower for their lifetime
  3. 5. Charges assessed on a property by a local government entity
  4. 7. Reverse mortgage borrowers are required to certify this annually
  5. 8. Mortgage Insurance Premium paid to HUD on an FHA-insured HECM loan
  6. 10. Coverage required to protect a home from hazards, flood, wind, etc.
  7. 11. Home Equity Conversion Mortgage (reverse mortgage that is FHA-insured)
  8. 14. May occur if a Default or Maturity Event is not cured
  9. 15. One year after closing date when first year restriction is lifted