§ 206.13. Disclosure of available HECM program options.
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/us/cfr/t24/s§ 206.13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
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§ 206.13
Disclosure of available HECM program options.
Fed. Reg.×1
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