what is a home equity conversion mortgage hecm 
a home equity conversion mortgage hecm is a type of reverse mortgage that is insured by the federal housing administration fha home equity conversion mortgages allow seniors to convert the equity in their homes into cash 1the amount that may be borrowed is based on the appraised value of the home and is subject to fha limits borrowers must also be at least 62 years old money is advanced against the value of the equity in the home interest accrues on the outstanding loan balance but no payments must be made until the home is sold the borrower s dies or the borrower s moves out of the property at which point the loan must be repaid entirely 2