CRMP Cheat Sheet 2026

The 30 highest-yield CRMP facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which federal agency oversees reverse mortgage advertising compliance? → CFPB
2. Which factor is NOT typically reviewed in a reverse mortgage financial assessment? → Debt obligations
3. When must a CRMP act as a mandatory reporter? → If abuse is suspected
4. Who sets the guidelines for financial assessment in reverse mortgages? → Department of Housing and Urban Development (HUD)
5. What document must a HECM servicer send annually to notify the borrower that the loan is still active? → Annual Occupancy Certification
6. What must occur before a condominium unit can serve as collateral for a HECM loan? → The condo project must be on the FHA-approved condominium list
7. During the Financial Assessment for a HECM loan, what is the consequence if a borrower is found to have delinquent federal debt? → The borrower is automatically disqualified from obtaining a HECM.
8. Which environmental hazard found during a HECM appraisal typically requires remediation before loan approval? → Defective lead-based paint with chipping or peeling
9. A borrower selects a 'modified tenure' payment plan. What two components does this option combine? → A line of credit set-aside with monthly tenure payments
10. Which federal law primarily governs reverse mortgage disclosures? → Truth in Lending Act
11. What document must a counselor provide to a client? → Counseling certificate
12. What document must be given during reverse mortgage counseling? → TALC Disclosure
13. Which of the following is a disbursement option for reverse mortgages? → Any combination of lump sum, monthly payments, and line of credit
14. Which income sources are considered in a reverse mortgage assessment? → Pension and Social Security benefits
15. What document must accompany a HECM appraisal when the property has been sold within the previous 12 months at a price significantly below appraised value? → An FHA Field Review appraisal or desk review
16. A HECM borrower currently on a line of credit wishes to switch to a tenure payment plan. What is the correct procedure? → Request a payment plan change through their loan servicer
17. How does a reverse mortgage impact inheritance? → Heirs can repay the loan or sell the home to settle the debt
18. Which of the following property types is generally INELIGIBLE for an FHA-insured HECM? → A cooperative unit (co-op).
19. Under HUD guidelines, who is responsible for selecting the HECM appraiser? → The lender orders the appraisal through an approved FHA roster appraiser
20. Which HECM disbursement option provides equal monthly payments for a specific number of years chosen by the borrower, after which disbursements stop? → Term plan
21. Which of the following is a requirement for maintaining the Certified Reverse Mortgage Professional (CRMP) designation in good standing? → Completing 8 hours of approved continuing education annually.
22. What is the primary purpose of a Life Expectancy Set-Aside (LESA) in HECM servicing? → To reserve funds to pay future property taxes and insurance
23. What happens when the last surviving borrower dies or moves out? → The loan becomes due and payable
24. What is the maximum loan-to-value impact when a second appraisal is required for a HECM? → The lower of the two appraisals is used to determine the MCA
25. A HECM borrower on a fixed-rate product wants to convert to a line of credit disbursement. What is the correct course of action? → This conversion is not possible; fixed-rate HECMs only permit lump sum disbursement
26. What is the primary purpose of reverse mortgage counseling? → To educate the borrower on the loan's implications
27. Which of the following is NOT an FHA Minimum Property Standard that must be met for HECM eligibility? → The property must have a garage
28. Under what specific condition may a HECM borrower draw more than 60% of their principal limit in the first 12 months? → If mandatory obligations plus 10% of the principal limit exceed the 60% threshold
29. Which regulation requires a clear explanation of costs in reverse mortgages? → Regulation X
30. Which property condition would automatically disqualify a home from HECM eligibility? → Structural deficiencies that pose a safety hazard and cannot be repaired