{ "@type": "DefinedTerm", "@id": "https://affordablehousingonline.com/glossary/Home-Equity-Conversion-Mortgage-HECM", "name": "Home Equity Conversion Mortgage (HECM)", "description": "

Also called a "reverse mortgage," it is used y senior homeowners 62 years or older to convert the equity in their home into monthly streams of income and\/or a line of credit. The loan is repaid when they no longer occupy the home. The loan is made by a mortgage lender, bank, credit union or savings & loan and is insured by the Federal Housing Administration (FHA)<\/p>", "inDefinedTermSet": "https://affordablehousingonline.com/glossary" },

Affordable Housing Online is monitoring the federal government's response to the coronavirus disease (COVID-19) outbreak. 

An extensive list of coronavirus resources for low-income households can be found here.

Home Equity Conversion Mortgage (HECM)

View All Glossary Definitions

Also called a "reverse mortgage," it is used y senior homeowners 62 years or older to convert the equity in their home into monthly streams of income and/or a line of credit. The loan is repaid when they no longer occupy the home. The loan is made by a mortgage lender, bank, credit union or savings & loan and is insured by the Federal Housing Administration (FHA)

Related Definitions: