Equity Conversion Mortgage
Equity Conversion Mortgage (HECM) is a special type of
mortgage that enables older home owners to convert the equity
they've built in their homes into liquid cash. With a HECM
you'll get greater financial security to supplement social security
and other retirement funds to use for
unexpected situations, medical
expenses, home improvements, and more.
a traditional home equity loan, a borrower must qualify based upon
their income, with a home equity conversion mortgage the borrower is
qualified based upon the value their home and
does not have to repay the borrower no longer occupies the property.