13VAC10-150-30. Eligible applicants.

Part II. Eligibility of Applicants

An applicant that, as of the application date, satisfies all of the following criteria shall be eligible for a home equity account under the program:

1. Age. An individual applicant or each joint applicant shall be 62 years of age or older.

2. Residency. An individual applicant or each joint applicant shall be a resident of the Commonwealth.

3. Income. The income of an individual applicant or the aggregate of the incomes of all joint applicants shall not, as of the application date, exceed 80% of the area median income.

4. Ownership. An individual applicant or the joint applicants shall be the sole owner or owners of the home, and no person who is not an owner may be an applicant.

5. Principal residence. An individual applicant or each joint applicant must occupy the home as his principal residence during the term of the home equity account.

6. Relationship of joint applicants. Joint applicants must be related by blood, marriage or adoption.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0015 § 2.1, 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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