Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 10. Virginia Housing Development Authority
Chapter 150. Rules and Regulations for the Virginia Senior Home Equity Account Program

13VAC10-150-20. Purpose and applicability.

The purpose of the program is to permit elderly homeowners who satisfy certain age, residency and income criteria to borrow against the equity in their homes to assist in meeting housing, medical and other living expenses as specified in 13VAC10-150-190. Eligible applicants shall receive a commitment from the authority for a home equity account in a maximum amount based upon the interest rate or rates to be charged thereon, the applicant's age and the value of the home. Upon satisfaction of the terms and conditions of such commitment, the authority shall make equity payments to the borrowers upon their request up to the maximum amount. All such equity payments will be made in accordance with the terms and conditions set forth in these rules and regulations. The maximum amount of such home equity account shall be subject to change in the manner set forth in 13VAC10-150-90. The term during which the borrower may request and receive equity payments shall be established and may be extended as provided in 13VAC10-150-150. Repayment of the home equity account loan is deferred as described herein, and, as a result, the borrowers may utilize the equity in their homes without being required to sell their homes at the end of a fixed term in order to repay the home equity account loans.

The program will be administered by the authority with the participation of the Virginia Department for the Aging and local area agencies on aging. Home equity accounts will be financed entirely with authority funds.

Notwithstanding anything to the contrary herein, the executive director of the authority is authorized with respect to any home equity account to waive or modify any provision herein where deemed appropriate by him for good cause to the extent not inconsistent with the Act and federal statutes and regulations.

The rules and regulations set forth herein are intended to provide a general description of the authority's requirements and procedures and are not intended to include all of the actions involved or required in the processing and administration of the program. These rules and regulations are subject to amendment at any time by the authority and may be supplemented by additional policies, rules and regulations adopted by the authority from time to time with respect to the program. Notwithstanding anything to the contrary herein, all home equity accounts must comply with any applicable state and federal laws, rules and regulations.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0015 § 1.2, eff. July 19, 1988; amended, Virginia Register Volume 5, Issue 6, eff. November 21, 1988; Volume 5, Issue 21, eff. July 1, 1989.

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