24 C.F.R. § 206.39 – Principal residence. | Midpage
§ 206.39
24 C.F.R. § 206.39
Principal residence.
Effective Sep 19, 2017
(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.