A Federally insured Home Equity Conversion Mortgage (HECM) is commonly referred to as a reverse mortgage loan. Among the several home equity loans, it is a method whereby a senior citizen can cash-in on the equity in their home.
The basic eligibility requirements are that you and any co-owner are 62 years of age or older, and you own your home free of debt.
Your best sources of information are the Department of Housing and Urban Development (HUD) Web site, and The American Association of Retired Persons (AARP) Web site.
You can use this home equity loan calculator on the AARP Web site to get an estimate of the value of an HECM to you.
Other calculators available to you on this site can be found on the loan Calculators page of this site, and you can find lenders through the search engines linked from the Current Mortgage Rates page..
