What is another word for home equity conversion mortgage?
Pronunciation: [hˈə͡ʊm ˈɛkwɪti kənvˈɜːʃən mˈɔːɡɪd͡ʒ] (IPA) 
A Home Equity Conversion Mortgage, commonly known as a reverse mortgage, is a loan that enables homeowners aged 62 or older to borrow against the equity in their home for various purposes, such as supplementing their retirement income, paying off debt, or covering healthcare costs. There are several synonyms for this type of loan, including reverse annuity mortgage, home equity retirement loan, and senior income plan. Regardless of the term used, the basic principle remains the same that the borrower receives funds in exchange for their home equity, which is paid back upon the sale of the property or when the borrower passes away.
