HECM - Home Equity Conversion Mortgage


Mortgage program is administered by the Federal Housing Administration (FHA). The term "HECM" stands for "Home-Equity Conversion Mortgage." You can get access to this mortgage program through any lender who works with the FHA.


The basic idea behind this mortgage program is quite simple. By taking out this type of mortgage, you will be able to access some of the money from the equity in your house. Rather than making payments to the bank to pay off your mortgage, you are going to receive payments from the bank, which will be purchasing part of your equity. You can also set up a line of credit for you to access if you would prefer not to receive a monthly payment.