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A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan that allows seniors age 62 and older convert a portion of their home equity into cash. With a reverse mortgage, any existing mortgage balance is paid off using the proceeds from the loan. Any remaining loan proceeds may be received as a lump sum, a line of credit, or equal monthly payments. However, unlike a traditional home equity loan or second mortgage, you do not have to repay the reverse mortgage loan until you no longer use the home as your principal residence or fail to meet the obligations of the loan.