Security Reverse Mortgage Obtains U. S. Housing and Urban Development (HUD) Approval -Lender now provides Home Equity Conversion Mortgage HECM to seniors 62 and older-

WASHINGTON, NOVEMBER 15, 2006 - Security Reverse Mortgage, a subsidiary of East Bay Mortgage, Inc., has received its licensing approval from the U. S. Housing and Urban Development (HUD) and will be offering The Home Equity Conversion Mortgage HECM the only Reverse Mortgage insured by the Federal Government. HECM loans are insured by the Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD).

HECM Reverse Mortgage loan generally provide the largest Loan advances of any Reverse Mortgage. Often they provide a lot more cash than any other program. HECM Reverse Mortgage’s also gives you the most choices in how you can have the cash paid to you.

“After months of research and suggestion from many of our trusted financial advisor partners we made the decision to start offering reverse mortgages,” said Tane Cabe, President of Gig Harbor, WA-based Security Reverse Mortgage. We realized when researching the reverse mortgage products available that there is a tremendous amount of mis-information. “It was a natural fit since our philosophy has always been to educate the individual first before they become a client. We want to make sure they know all there is to know before making a decision on the loan.”

“We want to give seniors back choices in their life. We don’t believe that seniors should be forced to make unwanted choices like should they eat or buy prescription medication. The reverse mortgage provides an alternative source of income that many seniors can benefit from.”

The money you get from a HECM can be used for any purpose. HECM Loans can be much less costly than the other Reverse Mortgages that can be used for any purpose.

Generally, the only Reverse Mortgages that cost less than HECMs are ones offered by state or local governments. These loans typically must be used for a specific purpose only, for example, to repair your home, or pay your property taxes. They generally are available only to homeowners with low to moderate incomes.

HECM Reverse Mortgages are available in all 50 states, the District of Columbia, and Puerto Rico. To be eligible for a HECM Reverse Mortgage loan:

• You, and any other current owners of your home, must be aged 62 or over, and live in your home as a principal residence;
• Your home must be a single-family residence in a 1- to 4- unit dwelling, a condominium, or part of a planned unit development (PUD). Some manufactured housing is eligible, but cooperatives and most mobile homes are not;
• Your home must be at least one year old and meet HUD’s minimum property standards, but you can use the HECM to pay for repairs that may be required; and
• You must discuss the program with a counselor from a HUD-approved counseling agency.

About Security Reverse Mortgage

Founded in 1997, Gig Harbor, WA –based Security Reverse Mortgage uses unique educational tools to inform seniors about reverse mortgage options. For more information, contact Tane Cabe, president of East Bay Mortgage. He can be reached at 3220 Rosedale Street, Suite 100, Gig Harbor, WA. 98335 Phone (253) 853-5805 or toll free at 1(800) 490-4287. Website www.securityreverse.com.