Home Equity Conversion Mortgage (HECM)
Learn about the definition for this legal term.
What is Home Equity Conversion Mortgage (HECM)?
A statutory program for older persons to tap the equity in their real estate by receiving periodic payments from the mortgagee over a long period. The mortgagor does not make repayments; instead, the loan is usually paid at the death of the mortgagor or upon sale of the property.
Further Reading
For more detailed information, see our related Security Transactions And Mortgages terms:
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