Home Equity Conversion Mortgages (HECM) are specialized loans designed for homeowners aged 62 and older that enable them to convert a portion of their home equity into tax-free funds. HECMs offer financial flexibility by providing options to receive the funds as a line of credit, monthly payments, a lump sum, or a combination of these. Unlike traditional mortgages, borrowers are not required to make monthly mortgage payments, and the loan is repaid when the homeowner sells the property, moves out, or passes away. HECMs are insured by the Federal Housing Administration (FHA), providing additional consumer protections. These unique mortgage products offer seniors the opportunity to tap into their home equity while remaining in their homes and maintaining ownership.