§ 206.39. Principal residence.
48 words·~1 min read·
/us/cfr/t24/s§ 206.39·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The property must be the principal residence of each borrower, and if applicable, Eligible Non-Borrowing Spouse, at closing.
(b)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.