C.F.R. » Title 24 » CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT › SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES › PART 206—HOME EQUITY CONVERSION MORTGAGE INSURANCE › Subpart B—Eligibility; Endorsement

24 C.F.R. § 206.39

Principal residence

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(a) The property must be the principal residence of each borrower, and if applicable, Eligible Non-Borrowing Spouse, at closing.

(b) HECM for Purchase. For HECM for Purchase transactions, each borrower, and if applicable, Eligible Non-Borrowing Spouse, must occupy the property within 60 days from the date of closing.

Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2023–2023 · leading case: Davis v. Reverse Mortg. Solutions(CONSENT) (M.D. Ala. 2023).
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Davis v. Reverse Mortg. Solutions(CONSENT) (M.D. Ala. 2023). “§ 1715z-20(d)(3) (“To be eligible for insurance under this section, a mortgage shall … be secured by a dwelling that is designed principally for a 1- to 4-family residence in which the mortgagor occupies 1 of the units”); 24 C.F.R. § 206.39 (a) (“The property must be the…”
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