reverse mortgage

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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 ?
For information about the Home Equity Conversion Mortgage and other loan programs referenced here, contact Richard Glover, Director of the Reverse Mortgage Division at American Fidelity Mortgage Services, Inc.
Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA) and its Home Equity Conversion Mortgage (HECM) program.
EVALUATION REPORT OF THE FHA HOME EQUITY CONVERSION MORTGAGE INSURANCE DEMONSTRATION 61 (2000) [hereinafter RODDA, EVALUATION REPORT] (explaining that low loan limits are a deterrent to some homeowners).
the most popular reverse mortgage is the federally insured reverse mortgage, called the FHA Home Equity Conversion Mortgage Program (HECM).
The most popular type is the Home Equity Conversion Mortgage (HECM), which accounts for 90 percent of all reverse mortgages originated in the U.
In the US, one type of reverse mortgage, a home equity conversion mortgage, is insured by the federal government.
Under its revised Home Equity Conversion Mortgage (HECM) initiative, HUD has committed to a four-year program that will funnel 25,000 reverse mortgages to homeowners at least 62 years old who own their homes and agree to meet with a counselor approved by HUD.
There was some recent research that showed those who establish a "standby" reverse mortgage, or home equity conversion mortgage (HECM) as the FHA version is officially known have the highest probability of not outliving their money over a 40 year period.
As disclosed in CITs Form 10-K for fiscal year 2015, CIT determined that there was a material weakness related to the Home Equity Conversion Mortgage (HECM) interest curtailment reserve associated with this business.
The Center for Retirement Research at Boston College is predicting a drop in loan defaults by new reverse mortgage borrowers thanks to changes to home equity conversion mortgage (HECM) rules implemented in 2013 and 2015, according to an issue brief released in July.
Just days after Department of Housing and Urban Development (HUD) officials credited the Federal Housing Administration's (FHA's) Home Equity Conversion Mortgage (HECM) program for helping the Mutual Mortgage Insurance Fund (MMI Fund) reach its congressionally mandated capital reserve level of 2 percent, some questions have been raised about the way HUD uses the HECM program to meet its goals.
s Reverse Mortgage Network lands the number nine spot in the Top 100 Retail Home Equity Conversion Mortgage (HECM) Lenders Report.
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