reverse mortgageReverse mortgage is becoming increasingly popular across the country nowadays. More seniors are asking if they need a reverse mortgage. There are different ways to answer this question. Provided below are a few of the most common questions asked by many who are trying to figure out if they should have a reverse mortgage.

I Don’t Have One, So, Should I Get A Reverse Mortgage?

This is among the most common questions that come up when discussing reverse mortgage loan. The financial goal of many seniors is getting rid of all mortgage debt. However, this objective has become a bit outdated thanks to the emergence of various home equity programs including reverse mortgage. Among the worries of getting a loan on a home that is mortgage free is the risk of default as well as foreclosure. The reverse mortgage is among the things that can mitigate this threat. A reverse mortgage will not require any payments provided that you continue living in the house. It lets you use the equity without having to worry about losing your home, plus without the added concern of making monthly payments.

I’m All Good

A reverse mortgage Myrtle Beach is typically used to take out an existing monthly mortgage. It can help a senior fix a large credit card or medical debt or perhaps to help him or her secure an insurance or investment product. However, when a senior says that he or she is all good and does not need anything, it is a statement that is usually used without considering all the possibilities and safeties of getting a reverse mortgage, which can work as an effective safety net. It can create a huge, liquid, as well as high interest earning account, which can be relied on in case of an emergency. Reverse mortgage work like checking accounts plus it earns at least 6.7%. This can prove to be extremely useful in case of a medical emergency or perhaps a financial opportunity comes up. The senior won’t need to use his or her savings, income, or investment.

Why Should I Give My Home Away?

A lot of seniors have a mistaken belief that reverse mortgage will require them to give their house away. A reverse mortgage won’t take away your homeownership. There will be no transfer of title or deed and the senior will still have all the rights of homeownership they used to enjoy. The only change is that the reverse mortgage will be a line on his or her home. The senior can sell the house or move to another one and when the borrower dies, the home is going to be passed on to their heirs as stipulated in their will.

I Do Not Wish To Lose My Social Security, Medicare, & Other Benefits

The biggest benefit of reverse mortgage is the guarantees it obtains from the Federal government. It is facilitated and monitored by the Department of Housing and Urban Development. Given that, all of the senior’s benefits such as Medicare and Social Security will not be affected in any way by the extra income produced by the reverse mortgage. The proceeds obtained from a reverse mortgage is referred to as by the government as an equity rather than an income.

Call South Carolina Reverse Mortgage Services if you want to know more how reverse mortgage can help you.

South Carolina Reverse Mortgage Services
Myrtle Beach, SC 29577

South Carolina Reverse Mortgage Services
Charleston Office
Charleston, SC 29401

Serving all of South Carolina.