§206.39. Principal residence.
24 C.F.R. § 206.39
The property must be the principal residence of each borrower, and if applicable, Eligible Non-Borrowing Spouse, at closing.
HECM for Purchase. For HECM for Purchase transactions, each borrower, and if applicable, Eligible Non-Borrowing Spouse, must occupy the property within 60 days from the date of closing.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1715b, 1715z-20; 42 U.S.C. 3535(d)
Source
Source: 82 FR 7117, Jan. 19, 2017, unless otherwise noted.