Home Equity Conversion Mortgage (HECM)
Definition of "Home Equity Conversion Mortgage (HECM)"
A reverse mortgage program administered by FHA.
Popular Mortgage Terms
The definition of a foreclosure bailout loan: a secured loan obtained by a mortgagor in order to save an owner-occupied house that is under foreclosure. It is a refinancing loan and it ...
Administering loans between the time of disbursement and the time the loan is fully paid off. Servicing includes collecting payments from the borrower, maintaining payment records, ...
A plan purporting to protect FHA homebuyers against property defects. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
After reaching a certain annual income, you might be interested in finding the definition of a jumbo mortgage. What is a jumbo loan? It is something like a mortgage with ...
Same as term Qualification: The process of determining whether a prospective borrower has the ability to repay a loan. ...
The provision of the U.S. tax code that allows homeowners to deduct mortgage interest payments from income before computing taxes. Points and origination fees are also deductible, but not ...
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