A HECM mortgage is a loan that enables homeowners and homebuyers age 55* or older to convert some of their home equity into cash or a line of credit. Some loans also let homeowners finance a new home purchase. With a HECM mortgage, you make no loan payments. You continue to live in and own your home. *Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a HECM mortgage until the home is sold or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home, as long as you meet loan obligations. The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance. For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62.