24 CFR 206.45 - Eligible properties.

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§ 206.45 Eligible properties.
(a) Title. A mortgage must be on real estate held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable, or under a lease having a remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor. The mortgagee shall obtain a mortgagee's title insurance policy satisfactory to the Secretary. If the Secretary determines that title insurance for reverse mortgages is not available for reasonable rates in a State, then the Secretary may specify other acceptable forms of title evidence in lieu of title insurance.
(b) Type of property. The property shall include a dwelling designed principally as a residence for one family or such additional families as the Secretary shall determine. A condominium unit designed for one-family occupancy shall also be an eligible property.
(c) Flood insurance and property location. The provisions of § 203.16a of this chapter pertaining to flood insurance and § 203.40 of this chapter pertaining to the location of the property are incorporated by reference.
(d) Lead-based paint poisoning prevention. If the appraiser of a dwelling constructed prior to 1978 finds defective paint surfaces, § 200.810(d) of this chapter shall apply unless the mortgagor certifies that no child who is less than six years of age resides or is expected to reside in the dwelling.
(e) Restrictions on conveyance. The property must be freely marketable. Conveyance of the property may only be restricted as permitted under 24 CFR 203.41 or 24 CFR 234.66 and this part, except that a right of first refusal to purchase a unit in a condominium project is permitted if the right is held by the condominium association for the project.
(Approved by the Office of Management and Budget under control number 2528-0133)
[54 FR 24833, June 9, 1989, as amended at 60 FR 42760, Aug. 16, 1995; 60 FR 66476, Dec. 21, 1995; 61 FR 36266, July 9, 1996; 61 FR 49033, Sept. 17, 1996; 63 FR 17656, Apr. 9, 1998]

Title 24 published on 2014-04-01

no entries appear in the Federal Register after this date.

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1715b - Rules and regulations

§ 1715z - Homeownership or membership in cooperative association for lower income families

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1715z–1a - Assistance for troubled multifamily housing projects

12 U.S. Code § 1715z–1b - Tenant participation in multifamily housing projects

12 U.S. Code § 1715z–1c - Regulation of rents in insured projects

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1715z–4a - Double damages remedy for unauthorized use of multifamily housing project assets and income

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1715z–11a - Disposition of HUD-owned properties

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1715z–13a - Loan guarantees for Indian housing

12 U.S. Code § 1715z–13b - Loan guarantees for Native Hawaiian housing

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1715z–22a - Definitions

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

12 U.S. Code § 1701i, 1701i–1 - Omitted

§ 1716 - Declaration of purposes of subchapter

12 U.S. Code § 1701i, 1701i–1 - Omitted

§ 1716b - Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

§ 1717 - Federal National Mortgage Association and Government National Mortgage Association

§ 1717a - Prohibition against sale of obligations by Federal departments and agencies after June 30, 1966, without compliance with requirements of

§ 1718 - Capitalization of Federal National Mortgage Association

§ 1719 - Secondary market operations

§ 1720 - Repealed.

U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE