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FINDLAW LEGAL DICTIONARY

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Reverse Mortgage (Hecm)

reverse mortgage (hecm)

the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.



Source: U.S. Department of Housing and Urban Development