![]() |
Code of Federal Regulations (Last Updated: May 6, 2024) |
![]() |
Title 24 - Housing and Urban Development |
![]() |
Subtitle B - Regulations Relating to Housing and Urban Development |
![]() |
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 |
§ 206.13 - Disclosure of available HECM program options.
Latest version.
-
§ 206.13 [Reserved]Disclosure of available HECM program options.
At the time of initial contact, the mortgagee shall inform the prospective HECM borrower, in a manner acceptable to the Commissioner, of all products, features, and options of the HECM program that FHA will insure under this part, including: fixed interest rate mortgages with the Single Lump Sum payment option; adjustable interest rate mortgages with tenure, term, and line of credit disbursement options, or a combination of these; any other FHA insurable disbursement options; and initial mortgage insurance premium options, and how those affect the availability of other mortgage and disbursement options.