Is it permissible for a HECM purchase borrower to own more than one principal residence?

Home Equity Conversion Mortgage (HECM) mortgagors may have only one principal residence at any one time.

Mortgagee Letter 09-11 is available at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee

24 CFR 206.3 https://www.ecfr.gov/cgi-bin/text-idx?tpl=/ecfrbrowse/Title24/24cfr206_main_02.tpl

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-02285