Code of Federal Regulations Title 24. Housing and Urban Development § 24.206.41 Counseling

(i) The information required by section 255(f) of the NHA;

(ii) Whether the borrower has signed a contract or agreement with an estate planning service firm that requires, or purports to require, the borrower to pay a fee on or after closing that may exceed amounts permitted by the Commissioner or this part;

(iii) If such a contract has been signed under paragraph (b)(1)(ii) of this section, the extent to which services under the contract may not be needed or may be available at nominal or no cost from other sources, including the mortgagee;  and

(iv) Any other requirements determined by the Commissioner.

(i) The requirement that the Eligible Non–Borrowing Spouse must obtain ownership of the property or other legal right to remain in the property for life, upon the death of the last surviving borrower;

(ii) A failure to obtain ownership or other legal right to remain in the property for life will result in the HECM becoming due and payable and the Eligible Non–Borrowing Spouse will not receive the benefit of the Deferral Period;

(iii) The requirement that the property must be the principal residence of the Eligible Non–Borrowing Spouse prior to and after the death of the borrowing spouse;

(iv) The requirement that the Eligible Non–Borrowing Spouse fulfills all obligations of the mortgage, including the payment of property charges and upkeep of the property;  and

(v) Any other requirements determined by the Commissioner.

(i) The Deferral Period will not be applicable;

(ii) The HECM will become due and payable upon the death of the last surviving borrower;  and

(iii) Any other requirements determined by the Commissioner.