Reverse Mortgage Myrtle BeachA reverse mortgage is a federally insured loan that permits seniors to have the freedom to live in their houses instead of moving in with their relatives or perhaps transferring to an independent living center. This kind of mortgage can provide the elderly the chance to settle their medical bills and debt, support their pension and social security, or perhaps finish a much required home repair.

It works by liquidating a part of the equity of a home. It implies that borrowers can get a reward after working really hard for several years, for being dedicated and committed to their job by making use of their home so they can stay at home. As opposed to a traditional mortgage, there is no need for a monthly mortgage for the entire duration of the borrower’s stay in the property. Provided that the homeowner stays in the house, they are not required to pay a single monthly payment ever.

The Qualifications For A Reverse Mortgage

There are certain qualifications for a person to be eligible for a reverse mortgage Myrtle Beach. One must be at least 62 years old and should be residing in the house as their main residence. The FHA also calls for the homeowners to obtain counseling from an HUD-verified agency before filing an application for a mortgage loan. There are several kinds of homes that can be eligible for a reverse mortgage. In case a senior lives in one of the following, then he or she can get a reverse mortgage.

  • A single family house.
  • Between 1 and 4 unit townhouse or home with one unit being occupied by the borrower.
  • A home built after July 1976 that adheres to the guidelines set by the FDA.
  • A condominium that is approved by the FHA.

To fully understand whether or not reverse mortgage is the best choice, you have to understand all of the aspects of this kind of loan. If you are short in cash and would like to use the equity of your home, then a reverse mortgage might be a good idea. Provided that a borrower keeps the home as well as its taxes and insurance, this type of loan could be a good choice.

Benefits Of A Reverse Mortgage

One of the key benefits of a reverse mortgage is that this kind of loan does not need to be repaid provided that the borrower remains in the house or remains up to date with their real estate taxes, homeowner’s insurance, as well as home repairs. It means that the homeowner do not have to make monthly payments and they can use the funds that he or she is saving can be used in anyway desired with no restrictions.

In case the homeowner wants to sell their property and move into a new permanent residence, they can still do that. The money from the sale of the property will be used to cover the fees and balance of the reverse mortgage and whatever remains will be returned to the homeowner.

If you have questions about reverse mortgage, call South Carolina Reverse Mortgage Services now.

South Carolina Reverse Mortgage Services
Myrtle Beach, SC 29577

South Carolina Reverse Mortgage Services
Charleston Office
Charleston, SC 29401

Serving all of South Carolina.