A HECM (Home Equity Conversion Mortgage) is a type of reverse mortgage that allows homeowners aged 62 and older to convert part of the equity in their homes into cash without having to sell the home or making monthly mortgage payments.
A Home Equity Conversion Mortgage (HECM) allows older homeowners to access some of the equity in their homes, either in the form of monthly payments for life or a fixed term, or as a lump sum or line of credit. This reverse mortgage product is insured by the Federal Housing Administration (FHA).
