24 CFR 206.17 - Eligible mortgages: general.

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§ 206.17 Eligible mortgages: general.

(a) [Reserved]

(b)Interest rate and payment options. A HECM shall provide for either fixed or adjustable interest rates in accordance with § 206.21.

(1) Fixed interest rate mortgages shall use the Single Lump Sum payment option ( § 206.19(e)).

(2) Adjustable interest rate mortgages shall initially provide for the term ( § 206.19(a)), the tenure ( § 206.19(b)), the line of credit ( § 206.19(c)), or a modified term or modified tenure ( § 206.19(d)) payment option, subject to a later change in accordance with § 206.26.

(c)Shared appreciation. A mortgage may provide for shared appreciation in accordance with § 206.23.

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