24 CFR 206.39 - Principal residence.

Regulations last checked for updates: May 23, 2025

Title 24 - Housing and Urban Development last revised: Apr 20, 2025

View all text of Subpart B [§ 206.9 - § 206.61]

§ 206.39 - Principal residence.

(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.

authority: 12 U.S.C. 1715b,1715z; 42 U.S.C. 3535(d)

source: 82 FR 7117, Jan. 19, 2017, unless otherwise noted.

cite as: 24 CFR 206.39