It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in North Carolina, don't hesitate to contact one of our specialists at any time.The Federal Housing Administration insures all home equity conversion mortgages in the U.S. That means, you'll have no trouble finding find reverse mortgage licensed specialists in North Carolina. Before you contact a mortgage expert, consider the reasons you may want to apply for a reverse mortgage.
Cost of LivingLike many other states, North Carolina is seeing a steady increase in the cost of living. Paying the monthly bills on a limited income can be tough. Add mortgage payments or expensive medical bills to the list and you may be barely scraping by. While you're living on a limited budget, the wealth you so wisely invested in your home's equity just sits there, doing nothing. Why not put it to use? A reverse mortgage allows you to access that equity. North Carolina residents may qualify for either fixed or adjustable reverse mortgages, which help them to put their equity to work. You pay no interest payments or loan payments for as long as you own and live in your home and the loan only comes due if you move, sell the property, or pass away.* You remain the owner of the home and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due, you (or your heirs) have can sell the home to close the loan. If your heirs wish to keep the property, they can refinance the loan as a traditional mortgage.
If I Move to North Carolina, I'll be Closer to the KidsIf your family lives in North Carolina and you don't, you may have considered moving closer to them. Thanks to a reverse mortgage for purchase, we may help you relocate. Seniors who wish to move to North Carolina and qualify for a reverse mortgage for purchase can use the loan to purchase a home anywhere in the state or country. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until the last homeowner sells the home, moves out of the home, or passes away. However, there's one caveat. HECMs only apply to primary residences. You can't purchase a vacation home with reverse mortgages.
Reverse Mortgage Licensed SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in North Carolina. If you have any questions about applying for a reverse mortgage in North Carolina, please fill out the form on this page to have a reverse mortgage specialist contact you.
* Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.