The Home Equity Conversion Mortgage (HECM) is a program available to homeowners over the age of 62. The HECM is a type of reverse mortgage that enables homeowners who have little or no mortgage balance to borrow against the equity in their home. The main benefit of this type of loan is that it allows seniors to convert home equity into cash. The FHA insurance program insures this HUD approved loan. This is a good option for senior homeowners who have a small outstanding mortgage and want to cash it out without selling their homes.
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