A borrower is 74 years old and applies for a HECM with a home appraised at $400,000 and an expected rate of 5.5%. Which factor most directly determines the principal limit?
-
A
The borrower's credit score
-
B
The HUD principal limit factor based on age and expected rate
-
C
The lender's internal underwriting criteria
-
D
The home's assessed tax value