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e-CFR data is current as of July 9, 2020

Title 24Subtitle BChapter IISubchapter BPart 206Subpart B → §206.32


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


§206.32   No outstanding unpaid obligations.

In order for a mortgage to be eligible under this part, a borrower must establish to the satisfaction of the mortgagee that after the initial payment of loan proceeds under §206.25(a), there will be no outstanding or unpaid obligations incurred by the borrower in connection with the mortgage transaction, except for mortgage servicing charges permitted under §206.207(b) and any future Repair Set Aside established pursuant to §206.19(f)(1); and the initial disbursement will not be used for any payment to or on behalf of an estate planning service firm.

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