Reverse Mortgage HECM

The Reverse Mortgage HECM is FHA insured and can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income, line of credit, or lump sum to be repaid when they no longer occupy the home. The reverse mortgage loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. Sometimes referred to as a Section 255. In order to qualify for a HECM loan you must follow a prescribed process.

HECM stands for Home Equity Conversion Mortgage but is usually always referred to as simply a Reverse Mortgage.