Can you answer this true or false, a reverse mortgage is also called a home equity conversion mortgage. (please answer TRUE or FALSE)?
A Home Equity Conversion Mortgage or HECM is a type of reverse mortgage. In fact, the HECM is the only type of reverse mortgage insured by the US Federal Government. So the answer is TRUE. Thanks for using ChaCha!
Answered
by Matthew S.
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About Home Equity Mortgage
A home equity loan is similar to a mortgage - the consumer would borrow money from the equity (value) of their house, then have to pay it back gradually.
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About Mortgage
A mortgage is a loan that is secured by a property/house and is paid in installments over a set period of time. For buying homes, mortgage loans are used almost always around the world, only in rare cases are cash or other forms of credit used for payment. The word mortgage comes from a Law French term meaning ''dead pledge.'' This means the pledge ends when the obligation is fulfilled, or the property is taken through foreclosure.
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