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e-CFR data is current as of July 8, 2020

Title 24Subtitle BChapter IISubchapter BPart 206Subpart B → §206.17


Title 24: Housing and Urban Development
PART 206—HOME EQUITY CONVERSION MORTGAGE INSURANCE
Subpart B—Eligibility; Endorsement


§206.17   Eligible mortgages: general.

(a) [Reserved]

(b) Interest rate and payment options. A HECM shall provide for either fixed or adjustable interest rates in accordance with §206.21.

(1) Fixed interest rate mortgages shall use the Single Lump Sum payment option (§206.19(e)).

(2) Adjustable interest rate mortgages shall initially provide for the term (§206.19(a)), the tenure (§206.19(b)), the line of credit (§206.19(c)), or a modified term or modified tenure (§206.19(d)) payment option, subject to a later change in accordance with §206.26.

(c) Shared appreciation. A mortgage may provide for shared appreciation in accordance with §206.23.

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