We propose an iterative projection method for solving linear and nonlinear hypersingular integral equations with non-Riemann integrable functions on the right-hand sides. We investigate hypersingular integral equations with second order singularities. Today, hypersingular integral equations of this type are widely used in physics and technology. The convergence of the proposed method is based on the Lyapunov stability theory of solutions of ordinary differential equation systems. The advantage of the method for linear equations is in simplicity of unique solvability verification for the approximate equations system in terms of the operator logarithmic norm. This makes it possible to estimate the norm of the inverse matrix for an approximating system. The advantage of the method for nonlinear equations is that neither the existence or reversibility of the nonlinear operator derivative is required. Examples are given illustrating the effectiveness of the proposed method.