Home > Glossary > HECM (Reverse Mortgage)
Meaning / Definition of
HECM (Reverse Mortgage)
Categories: Loan and Mortgage,
the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.
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