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  Home Equity Conversion Mortgage (HECM) Definition
Home Equity Conversion Mortgage (HECM) Also known as a reverse annuity mortgage, this is a loan where the lender pays you, usually in monthly installments, and you do not need to make monthly payments to repay the loan. A reverse annuity mortgage is the only type of reverse mortgage that is insured by the FHA. Instead of being approved based on your income, you’re approved based on the equity in your home and the loan does not need to be repaid until you no longer live in the home.
   
   
   


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