A Home Equity Conversion Mortgage or HECM is the official name for Reverse Mortgages. These differ from conventional “equity loans” insofar as payments are concerned. Both loans allow homeowners to use the equity in their homes, with the exception that “forward” equity loans—a Home Equity Line of Credit or HELOC, for example—require regular payments of principal and/or interest as the funds are withdrawn. With a Reverse Mortgage or HECM, there is no required monthly mortgage payment due from the homeowner. Generally, repayment of the HECM loan is not required until the last borrower on the title moves out, defaults, refinances, sells the property, or passes away. At that time, the heir/beneficiary may have the opportunity to refinance into a Conventional Mortgage or sell the home to satisfy the Reverse Mortgage.