A borrower has a delinquent federal debt, including unpaid federal income taxes. How does this affect HECM eligibility?
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A
It has no impact because HECMs are not conventional mortgages
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B
The borrower must resolve the federal debt or establish a repayment plan before closing
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C
The lender must simply note the delinquency in the file and proceed
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D
Federal tax debt only affects eligibility if it exceeds $10,000