Home Equity Conversion Mortgage (HECM)
mortgage glossary

A particular type of mortgage that enables home owners to convert the equity they have left in their house into cash.
Unlike traditional home equity loans, the borrower does not qualify on the basis of income but on the value of the house. I
In addition, the loan does not have to be repaid until the borrower no longer occupies the property. You will also see this option called a reverse mortgage.

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