HECM Borrower

HECM Borrower

HECM Borrower refers to the original Borrower under a Note and Mortgage. The term does not include successors or assigns of a Borrower. HECM for Purchase HECM for Purchase refers to a transaction where the Borrower uses the HECM to finance the purchase of an existing one- to four-unit residence where the Borrower will occupy one unit as their Principal Residence. HECM Property HECM Property refers to a Property that is either Existing Construction or New Construction which will serve as collateral for the HECM.