Glossary of Reverse Mortgage Terms

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Homekeeper - Fannie Mae's reverse mortgage product that allows a borrower to use a reverse mortgage to purchase a home.

Home equity - the value of a home, subtracting and money owed on it.

Home equity conversion - turning home equity into cash without having to lease your home or make regular loan repayments.

Home Equity Conversion Mortgage (HECM) - the only reverse mortgage program insured by the Federal Housing Administration, a federal government agency.

HUD-1 Statement - a document that provides an itemized listing of the funds that are payable at the loan closing.