HOME EQUITY CONVERSION MORTGAGE. Also known as a reverse annuity mortgage. It allows home owners (usually older) to convert equity in the home into cash. Normally paid by the lender in monthly payments. HECM's typically don't have to be repaid until the borrower is no longer occupying the home.

Usually called 'Reverse Annuity Mortgage,' wherein the lender makes payments to the purchaser, not vice versa. This allows older home owners to convert their home equity into cash. This contrasts with traditional home equity loans, where a borrower must qualify on the basis of income; instead, one qualifies on the basis of the value of his or her home. The loan need not be repaid until the property is sold.

HOME EQUITY CONVERSION MORTGAGE. Also known as a "reverse mortgage", a loan designed specifically for people without income but with a great deal of equity in their home (i.e. retired people). The loan may require periodic payments or may simply accumulate interest on the original principal until the property is sold (by the borrower or after the death of the borrower).

Home Equity Conversion Mortgage. the only reverse mortgage program insured by the Federal Housing Administration, a federal government agency. The amount of money you get from a HECM depends on several factors, including: your age, appraised home value, and current interest rates.

Home Equity Conversion Mortgage. Reverse mortgage guaranteed by the federal government and insured by the Federal Housing Administration (FHA).

Home Equity Conversion Mortgage. Also known as the reverse annuity mortgage. This mortgage provides that instead of making payments to a lender, the lender makes payments to the individual. Older homeowners are able to convert home equity into cash this way, in the form of monthly payments. Borrowers don't qualify on the basis of income, but on the value of his or her home. Such a loan does not have to be repaid until the borrower no longer occupies the property.

Home Equity Conversion Mortgage. Also known as a reverse annuity mortgage. Form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."

home equity conversion mortgage. A special type of mortgage that enables seniors to convert the equity in their homes into cash, using a variety of payment programs that address their specific financial circumstances. The borrower does not qualify on the basis of income but on the value of the subject property. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Also called a reverse mortgage.

Home Equity Conversion Mortgage. Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.

Abbreviation for home equity conversion mortgage. This is an FHA insured reverse mortgage that can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.

Home Equity Conversion Mortgage. A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage.

The HECM program operated by HUD provides federally insured reverse equity mortgages (also referred to as reverse annuity mortgages) for senior citizens.

Home Equity Conversion Mortgage. Home Equity Conversion Mortgage (HECM) - Also referred to as a "reverse mortgage", a Home Equity Conversion Mortgage is a special type of home loan that allows homeowners to convert the equity in their homes into cash that is paid to them in a lump sum or in a stream of payments. With this type of mortgage repayment not required until the borrower no longer uses the home as a principal residence.