The home equity conversion Mortgage (HECM) is an ingeniously constructed financial instrument that can meet a wide variety of needs of homeowners 62 or older. In addition to its versatility, HECMs are also extremely flexible, permitting changes in the ways in which seniors receive funds as their needs change over the years.
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.
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A HECM loan is a government insured reverse mortgage. reverse Mortgages allow a senior to access a portion of their home’s equity and use the proceeds however they choose. The senior retains the home’s title and no monthly mortgage payments are required as long as they continue to live in the home and meet the terms of the financing agreement.
HECM stands for Home Equity Conversion Mortgage, and it’s pronounced "heck-em." This reverse mortgage is government-backed and supervised by the Federal Housing Administration (FHA).
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Whether you’ve heard about a "HECM Mortgage," "Home Equity Conversion Mortgage," "HECM Reverse Mortgage," "HECM Loan, " or "Reverse Mortgage," it’s all the same thing: a program designed for older adult homeowners to tap into their home equity and get cash to use as they wish.
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.
If you own your own home and are 62 years of age or older, you may have a powerful financial ally: The equity in your home. A reverse or home equity conversion mortgage (HECM) can provide a considerable amount of flexibility to your budget, can eliminate your existing mortgage, and best of all, requires no monthly mortgage payments.
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The Home Equity Conversion Mortgage (HECM) is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.