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Home Equity Conversion Mortgage (HECM)

The bulk of reverse mortgages funded today are
so-called Home Equity Conversion Mortgages,
known as HECMs, which are insured by the
federal government and cap the amount
homeowners can borrow.

To cater to people with higher-value homes,
lenders increasingly are creating their own
products that don't have loan limits.
Meanwhile, the increased competition
among lenders also is driving down the
overall costs for consumers.

Big Lender Enters Mortgage Niche, WSJ
May 15, 2007; Page D3

On CountryWide's SimpleEquity product.


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