Business Form Principal Owners

Business Form Principal Owners

Publicly Traded Corporation 10% or more ownership Private or Close Corporation 25% or more ownership Limited Liability Company All Members Partnerships All Partners Principal Residence permanent place of abode, and which the Borrower typically occupies or will occupy for the Principal Residence (applicable to HECMs only) person may have only one Principal Residence at any one time and the Property is considered to be the Principal Residence: • of any Borrower who is temporarily in a health care institution provided the Borrower’s confinement to a health care institution does not exceed 12 consecutive months;