hecm loan
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A hecm loan is a home equity conversion mortgage. A hecm loan allows you to convert a portion of your home's equity into cash. A hecm loan are the only loans issued by the federal government and limits the costs to borrowers and guarantees that lenders will meet the obligations. The primary drawback to a hecm loan is that the maximum loan amount is limited. A hecm loan is the most company reverse mortgage and is federally insured. The interest rate on a hecm loan is set by the government and is limited to 2 percent of the value of your home.
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