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GEM
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    Also found in: Dictionary/thesaurus, Medical, Encyclopedia, Wikipedia, Hutchinson 0.02 sec.
GEM (growing equity mortgage)
Mortgage in which annual increases in monthly payments are used to reduce outstanding principal and to shorten the term of the loan.
growing equity mortgage (GEM)

A home loan arrangement in which the payments are increased each year by a specific amount,with the additional money credited to additional principal reduction. As a result, the loan is paid in full earlier than the normal amortization period.The FHA-
insured GEM program is called a 245(a) loan.



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