What is a hecm

Complete Guide to Home Equity Conversion Mortgage Loans

What is HECM? HECM stands for Home Equity Conversion Mortgage, which allows senior citizens to extract useful income out of their home equity. In HECM, the mortgagor’s home becomes collateral, and the loan is repayable only when the borrower stops living in the mortgaged property either because they are dead or has moved elsewhere. You can spend the money youreceive …