reverse mortgage

(redirected from Home Equity Conversion)
Also found in: Financial, Acronyms, Encyclopedia.
Related to Home Equity Conversion: HECM

reverse mortgage

n.
A mortgage in which a homeowner, usually an elderly or retired person, borrows money in the form of annual payments which are charged against the equity of the home.
References in periodicals archive ?
Then there's another type of mortgage that was designed for those 62 and older -- the home equity conversion mortgage (HECM).
While the Home Equity Conversion Mortgage (HECM) does have a checkered past, it has become a sound option for retirement planning in recent years.
Contract Awarded for Home Equity Conversion Mortgages (HEMC)
Using home equity conversion mortgages -- commonly known as reverse mortgages -- strategically can help improve clients' retirement sustainability and build a larger legacy to leave their heirs, according to Wade Pfau, professor of retirement income at The American College and director of retirement research at McLean Asset Management and inStream Solutions.
THE ABA HAS ENDORSED, through its Corporation for American Banking subsidiary, Reverse Mortgage Funding LLC's reverse mortgage program including its full offering of FHA-insured Home Equity Conversion Mortgage (HECM) products.
A 2012 report from the Consumer Financial Protection Bureau found that a large proportion of borrowers, nearly 10 percent, in the federally insured Home Equity Conversion Mortgage program, which represents about 95 percent of the reverse mortgage market, were at risk of foreclosure because they hadn't paid their property taxes and insurance.
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), which are offered by private lenders and insured by the FHA; borrowers must be at least age 62.
The guidance issued to lenders reminds participants in the FHA's Home Equity Conversion Mortgage (HECM) program to make certain that senior borrowers are fully informed of their options when applying for these loans.
a leading provider of integrated technology-led BPO and services to the Appraisal, Title and Settlement companies, today announced the launch of its enhanced Fee Quote calculator that is built to support Reverse Mortgage Transactions under Home Equity Conversion Mortgage (HECM program).
Urban is an originator of home equity conversion mortgages, also referred to as reverse mortgages, in the US.
Urban is focused on home equity conversion mortgages (HECM), also known as reverse mortgages.
Urban is reported to be one of the leading home equity conversion mortgage (also known as reverse mortgage) originators in the United States.
Full browser ?