Home Equity Conversion Mortgage Definition

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A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage.

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Home Equity Conversion Mortgage at a Glance. A Home Equity Conversion Mortgage is a simply a loan that must meet HUD guidelines, is insured by the FHA, and allows seniors to convert a portion of their equity into cash. Here’s everything you need to know about a Home Equity Conversion Mortgage at a glance.

A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an.

Find out what you need to know before taking the plunge. The majority of reverse mortgages, known as home equity conversion mortgages (hecms), are insured by the federal government and are available.

Definition of Home equity conversion mortgage (hecm): Also referred to as a Reverse Annuity Mortgage. A type of mortgage in which the lender makes payments to the owner, thereby enabling older homeowners to convert equity in their homes into cash in the.

(For related reading, also take a look at The Reverse Mortgage: A Retirement Tool.) IN PICTURES: Digging Out Of Debt In 8 Steps The Home Equity Conversion Mortgage (HECM) is the FHA’s reverse mortgage.

Definition of Home Equity Conversion Mortgage: HECM. An arrangement in which a homeowner borrows against the equity in his/her home and receives regular.

What are Home Equity Conversion Mortgages, you may wonder? An FHA HECM loan, also known as an FHA reverse mortgage, is a type of home loan where a borrower aged 62 or older can pull some of the equity from their home without paying a monthly mortgage payment or moving out of their home.

A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use it to supplement retirement income.