Code of Federal Regulations Title 24. Housing and Urban Development § 24.206.13 Disclosure of available HECM program options

At the time of initial contact, the mortgagee shall inform the prospective HECM borrower, in a manner acceptable to the Commissioner, of all products, features, and options of the HECM program that FHA will insure under this part, including:  fixed interest rate mortgages with the Single Lump Sum payment option;  adjustable interest rate mortgages with tenure, term, and line of credit disbursement options, or a combination of these;  any other FHA insurable disbursement options;  and initial mortgage insurance premium options, and how those affect the availability of other mortgage and disbursement options.