Reverse Mortgage Loans in South Carolina

A Retiree Home Owner’s Guide

Do you own a home in beautiful South Carolina? Looking to supplement your retirement? If so, you may be wondering about reverse mortgage loans. This type of loan can be an excellent option for seniors who are looking to stay in their homes during retirement.

If you have questions, BrickWood Mortgage has answers! As the highest rated mortgage lender near Myrtle Beach, in the Grand Strand, we can help you leverage the equity in your home. Whether it’s Myrtle Beach, Market Commons, Carolina Forest, DeBordieu, Charleston, or Mount Pleasant we have helped countless South Carolinians. Our quick guide will help you learn about reverse mortgage loans, how these loans work, their benefits, and their eligibility requirements.

Can anyone take out a Reverse Mortgage Loan?

No, a Reverse Mortgage Loan is only available if you are above 62 years old, need a mortgage, and don’t want to make mortgage payments. You can refinance or purchase a home using a reverse mortgage.

How do Reverse Mortgage Loans work in SC?

A Reverse Mortgage is a loan that allows you to borrow against the equity in your home and unlike regular mortgages, where the homeowner pays the lender, the homeowner can borrow against equity without having to make a mortgage payment. 

When you move out, sell your home, or die, the loan must be paid off. Reverse Mortgages can be a helpful way to supplement your income in retirement. They can pay for unexpected expenses that may arise like home repairs, improvements or even unexpected medical costs. 

What if you would like to buy a home and retire in Myrtle Beach, Georgetown, Charleston, Summerville, or any other South Carolina town ideal for retirees?  In that case you may want to consider taking out a Reverse Mortgage in Myrtle Beach, SC  to buy your home (or in any of the beautiful towns mentioned earlier), it is called a Home Equity Conversion Mortgage for Purchase – HECM for Purchase, for short; and it allows seniors 62 or older to buy a new principal residence using the Reverse Mortgage’s proceeds with no mortgage payments. Have you found your retirement heaven? We are the best South Carolina mortgage expert near you and will be happy to help you buy your dream home, call BrickWood Mortgage today at (843) 314-4101.

What are the requirements for HECM Program in South Carolina

Home Equity Conversion Mortgages, or HECMs, are a type of government-insured reverse mortgage. They are available to homeowners who are 62 years of age or older and have home equity.

To qualify for a HECM, borrowers must attend a counseling session with an approved HECM counselor. The session’s counselor is a non-interested 3rd party to the transaction to ensure the borrower understands the Reverse Mortgage.

In addition to attending counseling, borrowers must also have their home appraised and undergo a financial assessment – maintenance and other expenses. The purpose of the appraisal is to determine the value of the home while the financial assessment is used to ensure that the borrower has the ability to pay ongoing property taxes, insurance and expenses.

Once these requirements have been met, borrowers can apply for a HECM and receive funds in a lump sum, as regular payments, or as a line of credit.

What are the benefits of using a Reverse Mortgage Loan in South Carolina?

  • You can use the money to pay off your existing mortgage and live in the home without having to make a mortgage payment.
  • The loan doesn’t have to be repaid until you die, sell the home, or stop living in it permanently
  • You can access a percentage of the equity in your home as a lump sum, monthly income, or line of credit

Ready to get started in the Reverse Mortgage process?

Getting ready to retire? There isn’t a more beautiful place than South Carolina. Put your home’s equity to work and BrickWood Mortgage makes that process easy. We are the top rated Mortgage Broker in the Grand Strand area and trusted home advisors for close to two decades. So if you live or want to buy a home in Myrtle Beach, Murrells Inlet, Pawleys Island, Carolina Lakes, Market Commons, Mt Pleasant…from Horry County to Charleston County we service them all. Call BrickWood Mortgage at (843) 314-4101 to discuss your best home loan options and get a step closer to your South Carolina retirement dreams. One of our experienced Loan Officers is waiting for your call.

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