Definitions for "Home Equity Conversion Mortgage"
HECM. An arrangement in which a homeowner borrows against the equity in his/her...
Literally, a Reverse Mortgage, which allows (usually) elderly homeowners who have a substantial equity to convert the equity into cash. A lender makes regular payments to the homeowner, with a corresponding lien building against the property. The loan must be repaid at a specified time or when the borrower no longer occupies the property.
MP] A reverse mortgage program administered by FHA.