With the arrival of the closed-end Home Equity Conversion Mortgage (HECM) in 2009, came the trend for a one-time full draw.
What does HECM stand for?
HECM stands for Home Equity Conversion Mortgage
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of HECM
We have 1 other meaning of HECM in our Acronym Attic
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Samples in periodicals archive:
A reverse mortgage is a special type of home loan, also known as a Home Equity Conversion Mortgage (HECM), that lets senior citizens convert a portion of the equity in their home into cash.
Most reverse mortgages are insured by the Federal Housing Administration's Home Equity Conversion Mortgage program, which guarantees access to the loans.
The home equity conversion mortgage, commonly referred to as a reverse mortgage, was designed as a way for older homeowners to tap the equity of their homes for needed cash while remaining in their homes.
Byline: THE NEW MEXICAN In brief Reverse-mortgage limit rises FHA Home Equity Conversion mortgages, known as reverse mortgages, how have a new national loan limit of $417,000.
Previously, the Home Equity Conversion Mortgage program assigned various lending limits, ranging from $200,160 in rural areas to $362,790 in the most expensive housing markets.
These insured Home Equity Conversion Mortgages (HECM) constitute more than 90 percent of all reverse mortgages processed today.
In the US, one type of reverse mortgage, a home equity conversion mortgage, is insured by the federal government.