Home Equity Conversion Mortgage (HECM)
Definition of "Home Equity Conversion Mortgage (HECM)"
A reverse mortgage program administered by FHA.
Popular Mortgage Terms
A documentation requirement where the applicant's assets are not disclosed. ...
A mortgage on which all settlement costs except per diem interest and escrows are paid by the lender and/or the home seller. A no-cost mortgage should be distinguished from a ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
An interest rate index that is used on some ARMs. ...
Same as term Lead Generation Site: A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
The amount the borrower owes at maturity. ...
A document that evidences a debt and a promise to repay. A mortgage loan transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the property. ...
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 ...
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