Thursday, May 21, 2009

What the Heck is a Heckum?

home exchange

A Home Equity Conversion Mortgage or HECM (which people in the industry pronounce Heckum) is a "program, which is aimed largely at persons 62 years or older who want
to move down the housing ladder, allows seniors to sell their current
residence and use a reverse mortgage to buy a new one, all in a single
transaction that eliminates the need for a second set of expensive
closing costs. HECM's are insured by the Federal Housing Administration."

That is taken from a Market Watch article on how to use a HECM to buy another house. A rather interesting read.

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