Title 24

PART 206

Part 206 - Home Equity Conversion Mortgage Insurance

PART 206 - HOME EQUITY CONVERSION MORTGAGE INSURANCE Authority:12 U.S.C. 1715b, 1715z-20; 42 U.S.C. 3535(d) Source:82 FR 7117, Jan. 19, 2017, unless otherwise noted.

24:2.1.1.2.6.1SUBPART A
Subpart A - General
24:2.1.1.2.6.1.133.1SECTION 206.1
   206.1 Purpose.
24:2.1.1.2.6.1.133.2SECTION 206.3
   206.3 Definitions.
24:2.1.1.2.6.1.133.3SECTION 206.7
   206.7 Effect of amendments.
24:2.1.1.2.6.1.133.4SECTION 206.8
   206.8 Preemption.
24:2.1.1.2.6.2SUBPART B
Subpart B - Eligibility; Endorsement
24:2.1.1.2.6.2.133SUBJGRP 133
   Eligible Mortgages
24:2.1.1.2.6.2.133.1SECTION 206.9
   206.9 Eligible mortgagees.
24:2.1.1.2.6.2.133.2SECTION 206.13
   206.13 Disclosure of available HECM program options.
24:2.1.1.2.6.2.133.3SECTION 206.15
   206.15 Insurance.
24:2.1.1.2.6.2.133.4SECTION 206.17
   206.17 Eligible mortgages: general.
24:2.1.1.2.6.2.133.5SECTION 206.19
   206.19 Payment options.
24:2.1.1.2.6.2.133.6SECTION 206.21
   206.21 Interest rate.
24:2.1.1.2.6.2.133.7SECTION 206.23
   206.23 Shared appreciation.
24:2.1.1.2.6.2.133.8SECTION 206.25
   206.25 Calculation of disbursements.
24:2.1.1.2.6.2.133.9SECTION 206.26
   206.26 Change in payment option.
24:2.1.1.2.6.2.133.10SECTION 206.27
   206.27 Mortgage provisions.
24:2.1.1.2.6.2.133.11SECTION 206.31
   206.31 Allowable charges and fees.
24:2.1.1.2.6.2.133.12SECTION 206.32
   206.32 No outstanding unpaid obligations.
24:2.1.1.2.6.2.134SUBJGRP 134
   Eligible Borrowers
24:2.1.1.2.6.2.134.13SECTION 206.33
   206.33 Age of borrower.
24:2.1.1.2.6.2.134.14SECTION 206.34
   206.34 Limitation on number of mortgages.
24:2.1.1.2.6.2.134.15SECTION 206.35
   206.35 Title of property which is security for HECM.
24:2.1.1.2.6.2.134.16SECTION 206.36
   206.36 Seasoning requirements for existing non-HECM liens.
24:2.1.1.2.6.2.134.17SECTION 206.37
   206.37 Credit standing.
24:2.1.1.2.6.2.134.18SECTION 206.39
   206.39 Principal residence.
24:2.1.1.2.6.2.134.19SECTION 206.40
   206.40 Disclosure, verification and certifications.
24:2.1.1.2.6.2.134.20SECTION 206.41
   206.41 Counseling.
24:2.1.1.2.6.2.134.21SECTION 206.43
   206.43 Information to borrower.
24:2.1.1.2.6.2.134.22SECTION 206.44
   206.44 Monetary investment for HECM for Purchase program.
24:2.1.1.2.6.2.135SUBJGRP 135
   Eligible Properties
24:2.1.1.2.6.2.135.23SECTION 206.45
   206.45 Eligible properties.
24:2.1.1.2.6.2.135.24SECTION 206.47
   206.47 Property standards; repair work.
24:2.1.1.2.6.2.135.25SECTION 206.51
   206.51 Eligibility of mortgages involving a dwelling unit in a condominium.
24:2.1.1.2.6.2.135.26SECTION 206.52
   206.52 Eligible sale of property-HECM for Purchase.
24:2.1.1.2.6.2.136SUBJGRP 136
   Refinancing of Existing Home Equity Conversion Mortgages
24:2.1.1.2.6.2.136.27SECTION 206.53
   206.53 Refinancing a HECM loan.
24:2.1.1.2.6.2.137SUBJGRP 137
   Deferral of Due and Payable Status
24:2.1.1.2.6.2.137.28SECTION 206.55
   206.55 Deferral of due and payable status for Eligible Non-Borrowing Spouses.
24:2.1.1.2.6.2.137.29SECTION 206.57
   206.57 Cure provision enabling reinstatement of Deferral Period.
24:2.1.1.2.6.2.137.30SECTION 206.59
   206.59 Obligations of mortgagee.
24:2.1.1.2.6.2.137.31SECTION 206.61
   206.61 HECM proceeds during a Deferral Period.
24:2.1.1.2.6.3SUBPART C
Subpart C - Contract Rights and Obligations
24:2.1.1.2.6.3.138SUBJGRP 138
   Sale, Assignment and Pledge
24:2.1.1.2.6.3.138.1SECTION 206.101
   206.101 Sale, assignment and pledge of insured mortgages.
24:2.1.1.2.6.3.138.2SECTION 206.102
   206.102 Insurance Funds.
24:2.1.1.2.6.3.139SUBJGRP 139
   Mortgage Insurance Premiums
24:2.1.1.2.6.3.139.3SECTION 206.103
   206.103 Payment of MIP.
24:2.1.1.2.6.3.139.4SECTION 206.105
   206.105 Amount of MIP.
24:2.1.1.2.6.3.139.5SECTION 206.107
   206.107 Mortgagee election of assignment or shared premium option.
24:2.1.1.2.6.3.139.6SECTION 206.109
   206.109 Amount of mortgagee share of premium.
24:2.1.1.2.6.3.139.7SECTION 206.111
   206.111 Due date of MIP.
24:2.1.1.2.6.3.139.8SECTION 206.113
   206.113 Late charge and interest.
24:2.1.1.2.6.3.139.9SECTION 206.115
   206.115 Insurance of mortgage.
24:2.1.1.2.6.3.139.10SECTION 206.116
   206.116 Refunds.
24:2.1.1.2.6.3.140SUBJGRP 140
   HUD Responsibility to Borrowers
24:2.1.1.2.6.3.140.11SECTION 206.117
   206.117 General.
24:2.1.1.2.6.3.140.12SECTION 206.119
   206.119 [Reserved]
24:2.1.1.2.6.3.140.13SECTION 206.121
   206.121 Commissioner authorized to make payments.
24:2.1.1.2.6.3.141SUBJGRP 141
   Claim Procedure
24:2.1.1.2.6.3.141.14SECTION 206.123
   206.123 Claim procedures in general.
24:2.1.1.2.6.3.141.15SECTION 206.125
   206.125 Acquisition and sale of the property.
24:2.1.1.2.6.3.141.16SECTION 206.127
   206.127 Application for insurance benefits.
24:2.1.1.2.6.3.141.17SECTION 206.129
   206.129 Payment of claim.
24:2.1.1.2.6.3.142SUBJGRP 142
   Condominiums
24:2.1.1.2.6.3.142.18SECTION 206.131
   206.131 Contract rights and obligations for mortgages on individual dwelling units in a condominium.
24:2.1.1.2.6.3.143SUBJGRP 143
   Termination of Insurance Contract
24:2.1.1.2.6.3.143.19SECTION 206.133
   206.133 Termination of insurance contract.
24:2.1.1.2.6.3.144SUBJGRP 144
   Additional Requirements
24:2.1.1.2.6.3.144.20SECTION 206.134
   206.134 Partial release, addition or substitution of security.
24:2.1.1.2.6.3.144.21SECTION 206.135
   206.135 Application for insurance benefits and fiscal data.
24:2.1.1.2.6.3.144.22SECTION 206.136
   206.136 Conditions for assignment.
24:2.1.1.2.6.3.144.23SECTION 206.137
   206.137 Effect of noncompliance with regulations.
24:2.1.1.2.6.3.144.24SECTION 206.138
   206.138 Mortgagee's liability for certain expenditures.
24:2.1.1.2.6.3.144.25SECTION 206.140
   206.140 Inspection and preservation of properties.
24:2.1.1.2.6.3.144.26SECTION 206.141
   206.141 Property condition.
24:2.1.1.2.6.3.144.27SECTION 206.142
   206.142 Adjustment for damage or neglect.
24:2.1.1.2.6.3.144.28SECTION 206.143
   206.143 Certificate of property condition.
24:2.1.1.2.6.3.144.29SECTION 206.144
   206.144 Final payment.
24:2.1.1.2.6.3.144.30SECTION 206.145
   206.145 Items deducted from payment.
24:2.1.1.2.6.3.144.31SECTION 206.146
   206.146 Debenture interest rate.
24:2.1.1.2.6.4SUBPART D
Subpart D - Servicing Responsibilities
24:2.1.1.2.6.4.145.1SECTION 206.201
   206.201 Mortgage servicing generally; sanctions.
24:2.1.1.2.6.4.145.2SECTION 206.203
   206.203 Providing information.
24:2.1.1.2.6.4.145.3SECTION 206.205
   206.205 Property charges.
24:2.1.1.2.6.4.145.4SECTION 206.207
   206.207 Allowable charges and fees after endorsement.
24:2.1.1.2.6.4.145.5SECTION 206.209
   206.209 Prepayment.
24:2.1.1.2.6.4.145.6SECTION 206.211
   206.211 Determination of principal residence and contact information.
24:2.1.1.2.6.5SUBPART E
Subpart E - HECM Counselor Roster
24:2.1.1.2.6.5.145.1SECTION 206.300
   206.300 General.
24:2.1.1.2.6.5.145.2SECTION 206.302
   206.302 Establishment of the HECM Counselor Roster.
24:2.1.1.2.6.5.145.3SECTION 206.304
   206.304 Eligibility for placement on the HECM Counselor Roster.
24:2.1.1.2.6.5.145.4SECTION 206.306
   206.306 Removal from the HECM Counselor Roster.
24:2.1.1.2.6.5.145.5SECTION 206.308
   206.308 Continuing education requirements of counselors listed on the HECM Counselor Roster.