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Electronic Code of Federal Regulations

e-CFR data is current as of February 20, 2020

Title 24Subtitle BChapter IISubchapter BPart 206


TITLE 24—Housing and Urban Development

Subtitle B—REGULATIONS RELATING TO HOUSING AND URBAN DEVELOPMENT (CONTINUED)

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

rule

Subpart A—GENERAL

§206.1
Purpose.
§206.3
Definitions.
§206.7
Effect of amendments.
§206.8
Preemption.
rule

Subpart B—ELIGIBILITY; ENDORSEMENT

§206.9
Eligible mortgagees.
§206.13
Disclosure of available HECM program options.
§206.15
Insurance.

Eligible Mortgages

§206.17
Eligible mortgages: general.
§206.19
Payment options.
§206.21
Interest rate.
§206.23
Shared appreciation.
§206.25
Calculation of disbursements.
§206.26
Change in payment option.
§206.27
Mortgage provisions.
§206.31
Allowable charges and fees.
§206.32
No outstanding unpaid obligations.

Eligible Borrowers

§206.33
Age of borrower.
§206.34
Limitation on number of mortgages.
§206.35
Title of property which is security for HECM.
§206.36
Seasoning requirements for existing non-HECM liens.
§206.37
Credit standing.
§206.39
Principal residence.
§206.40
Disclosure, verification and certifications.
§206.41
Counseling.
§206.43
Information to borrower.
§206.44
Monetary investment for HECM for Purchase program.

Eligible Properties

§206.45
Eligible properties.
§206.47
Property standards; repair work.
§206.51
Eligibility of mortgages involving a dwelling unit in a condominium.
§206.52
Eligible sale of property-HECM for Purchase.

Refinancing of Existing Home Equity Conversion Mortgages

§206.53
Refinancing a HECM loan.

Deferral of Due and Payable Status

§206.55
Deferral of due and payable status for Eligible Non-Borrowing Spouses.
§206.57
Cure provision enabling reinstatement of Deferral Period.
§206.59
Obligations of mortgagee.
§206.61
HECM proceeds during a Deferral Period.
rule

Subpart C—CONTRACT RIGHTS AND OBLIGATIONS

Sale, Assignment and Pledge

§206.101
Sale, assignment and pledge of insured mortgages.
§206.102
Insurance Funds.

Mortgage Insurance Premiums

§206.103
Payment of MIP.
§206.105
Amount of MIP.
§206.107
Mortgagee election of assignment or shared premium option.
§206.109
Amount of mortgagee share of premium.
§206.111
Due date of MIP.
§206.113
Late charge and interest.
§206.115
Insurance of mortgage.
§206.116
Refunds.

HUD Responsibility to Borrowers

§206.117
General.
§206.119
[Reserved]
§206.121
Commissioner authorized to make payments.

Claim Procedure

§206.123
Claim procedures in general.
§206.125
Acquisition and sale of the property.
§206.127
Application for insurance benefits.
§206.129
Payment of claim.

Condominiums

§206.131
Contract rights and obligations for mortgages on individual dwelling units in a condominium.

Termination of Insurance Contract

§206.133
Termination of insurance contract.

Additional Requirements

§206.134
Partial release, addition or substitution of security.
§206.135
Application for insurance benefits and fiscal data.
§206.136
Conditions for assignment.
§206.137
Effect of noncompliance with regulations.
§206.138
Mortgagee's liability for certain expenditures.
§206.140
Inspection and preservation of properties.
§206.141
Property condition.
§206.142
Adjustment for damage or neglect.
§206.143
Certificate of property condition.
§206.144
Final payment.
§206.145
Items deducted from payment.
§206.146
Debenture interest rate.
rule

Subpart D—SERVICING RESPONSIBILITIES

§206.201
Mortgage servicing generally; sanctions.
§206.203
Providing information.
§206.205
Property charges.
§206.207
Allowable charges and fees after endorsement.
§206.209
Prepayment.
§206.211
Determination of principal residence and contact information.
rule

Subpart E—HECM COUNSELOR ROSTER

§206.300
General.
§206.302
Establishment of the HECM Counselor Roster.
§206.304
Eligibility for placement on the HECM Counselor Roster.
§206.306
Removal from the HECM Counselor Roster.
§206.308
Continuing education requirements of counselors listed on the HECM Counselor Roster.

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