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.
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