24 C.F.R. § 206.32 No outstanding unpaid obligations.
Title 24 - Housing and Urban Development
In order for a mortgage to be eligible under this part, a mortgagor must establish to the satisfaction of the mortgagee that: (a) After the initial payment of loan proceeds under §206.25(a), there will be no outstanding or unpaid obligations incurred by the mortgagor in connection with the mortgage transaction, except for repairs to the property required under §206.47 and mortgage servicing charges permitted under §206.207(b); and (b) The initial payment will not be used for any payment to or on behalf of an estate planning service firm. [64 FR 2988, Jan. 19, 1999]
Title 24: Housing and Urban Development
PART 206—HOME EQUITY CONVERSION MORTGAGE INSURANCE
Subpart B—Eligibility; Endorsement
Eligible Mortgages
§ 206.32 No outstanding unpaid obligations.
