home equity conversion mortgage definition

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  1. – Definition and benefits of Home Equity Conversion Mortgage (HECM) To provide additional housing finance options for senior homeowners, the US Department of Housing and urban development (hud) provides reverse mortgages under the Home Equity Conversion Mortgage (HECM) program.

    What is HECM – Reverse Mortgage – A Home equity conversion mortgage (hecm) refers to a reverse mortgage loan for homeowners 62 years of age or older that is insured by the Federal Housing Adminstration (FHA). 1 Since 1990 there have been more than 1 million hecm reverse mortgages issued. 2 The HECM loan program contains special requirements like HUD counseling and a property value ceiling.

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    Home Equity Conversion Mortgage (HECM) – Investopedia – What is ‘Home Equity Conversion Mortgage (HECM)’. A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage. Home equity conversion mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home.