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 South Carolina, don't hesitate to contact one of our specialists at any time.If you're 62 or older and live in South Carolina, you may want to think about applying for a reverse mortgage. South Carolina residents like you are using reverse mortgages to pay off medical bills, perform home renovations, and enjoy a financially stable retirement.
Why Apply for a Reverse Mortgage?While there are a number of reasons South Carolina residents may consider a reverse mortgage, or HECM, there two main factors: financial security and quality of life. Living on a limited budget can be stressful. Many seniors live with financial pressure, while their hard-earned home equity sits idle. A reverse mortgage gives borrowers access to that equity, either as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage and give you the remaining money to use however you please. The loan does not come due until you sell the home, no longer live in the home, or pass away. Keep in mind that you still must pay property taxes and insurance. You are also required to keep the home properly maintained.
Types of Reverse MortgagesSouth Carolina residents can choose from three types of HECM, all insured by the federal government. The first option is a fixed term reverse mortgage, which disburses the money in a lump sum once the loan closes. With this type of HECM, loan interest rates are locked into the rate at the time of closing. A second option is a HECM line of credit loan. This provides a number of disbursement options, including a draw on the line of credit at closing, monthly payments, or full access to your line of credit when you need it. One Reverse Mortgage offers one final option, which is the reverse mortgage for purchase. This type of HECM makes it possible for seniors to purchase a home with no monthly payments and helps borrowers purchase a home that is better suited to their needs, including the desire to move closer to family or warmer climates.*
Finding Reverse Mortgage Specialists in South CarolinaIt's generally best to negotiate with local reverse mortgage licensed specialists, as they understand the real estate environment in your own state. If you have any questions about applying for a reverse mortgage in South 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.