What Is a HECM Reverse Mortgage and How Does It Work?

A HECM reverse mortgage—short for Home Equity Conversion Mortgage—is a type of loan available to homeowners aged 62 and older. Unlike traditional mortgages where you make monthly payments to a lender, a HECM allows you to convert part of your home’s equity into cash. You don’t have to repay the loan until you sell the […]