You have read this term and now you are needing to know . . . What IS this term HECM? HECM is an acronym. An acronym is a word formed from the initial letter or letters of each of the successive parts of a compound term. Ok. There is the dictionary definition. Now, what IS this term HECM?
H.E.C.M. are the letters used from the words Home Equity Conversion Mortgage or Reverse Mortgage. Why Reverse? Because simply you are accessing the equity in your home and converting it for use. It is an equity conversion that benefits you the Senior. The HECM or Reverse Mortgage enables you to take the inaccessible equity presently in your home value, access it through the loan transaction and use it any way you desire or need.
Make sense? Need more information? Call me right now so we can discuss your specific questions. Covenant Reverse Mortgage is the BEST ANSWER for you!