24 CFR 206.13

§ 206.13 Disclosure of available HECM program options.

United States · 24 CFR — Housing and Urban Development · Status: effective

Cite this

Citation: 24 CFR 206.13, § 206.13 Disclosure of available HECM program options, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/99710
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Full text

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.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.