Home Equity Conversion Mortgage (HECM) – Definition & Detailed Explanation – Elderly Legal and Financial Planning Glossary
I. What is a Home Equity Conversion Mortgage (HECM)? A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that allows homeowners who are 62 years of age or older to convert a portion of their home equity into cash. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, … Read more