The name HECM reverse mortgage comes from the term home equity conversion mortgage and is the program or product from the U.S. Government. It is about thirty years old and getting more and more popular. The target is to transform a part of the home equity into cash money according to the payment schedule, which a senior has set.
hecm reverse mortgage
The ONLY Reverse Mortgage insured by FHA (Federal Housing Administration) is the HECM Reverse Mortgage. Senior Homeowners 62 or older can apply. There is no payment of any sort for the primary residence and as long as the property is in good condition and property tax and home insurance are pay on time.