Home Equity Conversion Mortgage (HECM)

The Home Equity Conversion Mortgage (HECM) offered by Senior Security is a government insured mortgage which allows you to free up some of the equity in your home to pay off your mortgage, eliminate credit card debt, do home improvements and renovations, pay for long term health care, supplement your Social Security income, or for any other reason you need money. It is commonly known as a Reverse Mortgage, because unlike traditional mortgages, the bank makes payments to you and you do not make payments to the bank.

The Reverse Mortgage is designed for homeowners aged 62 or better as a way to continue living in the home you know and love while eliminating monthly mortgage payments, with the following benefits:

• Title and ownership to the home remain solely in your name, and the Reverse Mortgage will continue for as long as you live in your home.


• When the time comes to sell the home, neither you nor your heirs are obligated to repay more than the market value of the home.


• The money you receive from your Reverse Mortgage is tax free. We recommend that you consult your tax advisor.


• Use the money for any purpose.


• Receive the money in a lump sum, or as monthly payments for life, or set up a credit line to draw from as needed, or any combination of these.


• Choose from fixed rate or adjustable, and from the traditional HECM or the newer HECM Saver – all with reduced closing expenses.


• You can use a Reverse Mortgage to purchase a home.

Contact us and we’ll help you design a custom program for your specific needs. Have your retirement years the way you want them.