Pros And Cons Of Reverse Home Mortgages

Reverse home loans have helped thousands of senior citizens to have financial liberty, providing a lot of opportunities to live a more contented life in their old age. The advantages this program often sounds too great to be true, however if you’re ever interested to request a reverse mortgage, it’s always a sensible to learn both its advantages and downsides.

Pros of Reverse Mortgage

Improves Lifestyle

The money that you get out of reverse mortgages can be spent on almost anything that you choose and that is the first benefit of reverse mortgage. As a senior, you have the freedom to invest in luxuries as much as you do on requirements. This adds to a better lifestyle. And I think that each and every one of us can live life to the maximum ability even as we age. Reverse mortgages help make it possible.

You Get Tax-Free Loan

The funds you receive, whether a fixed earnings or lump amount, are completely tax-free considering that the cash you receive is not an income, however a loan. Do speak with a tax consultant to ensure that tax is not being added the money that you’re receiving, just to be on the safe side.

Comprehensive Payment Alternatives

You have a choice to receive the funds in the form of annuity, a lump amount, a credit limit or a combination of these.

Self-reliance

Having a reverse mortgage permits you the luxury to have full tenancy of your home, capability to maintain and customize it according to your likes, and the right to retain it.

Limitless Funds as Long As You Live

This is the best part. Even if what your lending institution has given you currently exceeded the equity of your home, you are not responsible to pay this going beyond amount even at the time the loan is paid back. This is especially beneficial in the face of house price declines.

Your Abode Is Guaranteed Yours

In contrast to a house equity loan, you are guaranteed ownership of your house as long as you live, even in circumstances of non-payment. In a house equity loan, there’s a possibility that you might lose your house and properties if you end up being a delinquent payer.

Cons of Reverse Mortgage

Interest Rates

At the end of the day, the cash you receive is still a loan. As such, you are liable to spend for interest costs as you continually get funds from your lender.

” Stuck” in the house

Consider if there’s a chance that you may transfer to another location. If you do, your reverse mortgage Myrtle Beach ends up being null and you need to pay off the balance of your equity. Having higher upfront closing costs than other loans makes it even less attractive.

Restrictions on Eligibility

If you have two or more homes, just the primary home is eligible for reverse mortgages; a vacation home or a mobile home do not qualify either. In addition, those who are 62 and above are the only ones certified to make an application for a reverse home mortgage.

Reduction of the Beneficiaries’ Inheritance

How much is going to be left for your inheritors of the equity as the worth of your equity reduces each time you draw funds from the loan provider. If you don’t wish to lessen your beneficiaries’ inheritance, reverse home loans may not be best for you.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call South Carolina Reverse Mortgage Services today to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

Counseling: An Imperative Step In The Reverse Mortgage Process

Taking out a reverse mortgage is a major decision, since you are putting the equity of your primary residence at stake. One of the most important things you need to do is to attend a reverse mortgage counseling seminar. This seminar is organized to enlighten the prospective borrower’s understanding about reverse mortgage. Similar to most financial transactions, reverse mortgage is hounded by myths and uneducated opinion that affect its popularity. Technically, the seminar should discuss all the options available to the borrower such as social security and housing, however, if you are bent on seeking reverse mortgage assistance, they can provide complete information.

The seminar is facilitated by knowledgeable industry experts from an independent third party who can help prospective borrowers make the decision. It can take place over the phone or as a one-on-one discussion. Aside from the usual inquiries regarding application requirements and financial rates, these experts will also provide explanation regarding the implications and nature of reverse mortgages. These include its effect on government assistance such as social security and Medicare. Tax consequences will also be thoroughly explained and its impact on the borrower’s eligibility. They will also be able to explain the effects of an existing loan to a reverse mortgage. In addition to that, they can give expert advice on how to go about these situations and effectively reap the benefits from both.

The facilitator can also explain to you the procedure of the mortgage contract dissolution. They also have considerable information about the transfer of mortgage from the deceased borrower to the heirs or estates and the participation of the borrower’s spouses. They can also further discuss the nature of a non-recourse loan and its effect on your finances and properties. These things, albeit seldom asked, do play an important role in making the decision that is why the counselor has to volunteer this information. Some people regret their financial decisions only when they discover that some provisions in the contract are not in line with their ideals. At some point, they only realize the essence of a mortgage seminar only when they are faced with situations that seem complicated to assess.

The seminar is held not to singly encourage you to take out a reverse mortgage but to bring forth to you the arrangement’s pros and cons and present you with other options. Their aim is to educate you in managing your finances in order for you not make emotional decisions that you may later regret. They can be straightforward and advise you if a Myrtle Beach reverse mortgage would suit your needs depending on your current financial status.

The independent third party organizations who handle personal finance seminars can be searched in the roster of Home Equity Conversion Mortgage Housing counselors or from the counseling network. The agencies permitted by the US Department of Housing and Urban Development to provide face to face and over the phone counseling are National Foundation for Credit Counseling, Money Management International, Consumer Credit Counseling Service of Atlanta, and National Council on Aging.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call today to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

An Overview Of Reverse Mortgage

It is a natural occurrence in the life cycle of an individual to change priorities according to their age. In the case of financial needs, for instance, young children have trivial monetary concerns. Teenagers, on the other hand, have increased yet manageable needs. Young professionals have complicated and often unnecessary financial issues. Yuppies, as they are referred to in urban slang, have a higher propensity to buy because of the initial excitement of real-world adulthood.

Middle-aged people have even more complicated yet defined financial necessities. The senior bracket in South Carolina or those nearing retirement have defined financial requirements. Since most people in their retirement age have a unified idea of their needs, they are the ones who are usually targeted by bank and financial institutions to take out loans or reverse mortgages.

A person at the point of retirement age would most likely be concerned about funds and savings more than anything else. And this is perfectly understandable because leaving the labor force entirely would mean ceasing to receive a paycheck on a regular basis. Some people, after assessing and calculating their bank assets and savings would feel that their money might not be enough to last them through their retirement period. That is precisely why mortgages and loans benefit from this demographic.

A kind of mortgage that is designed specifically for the senior bracket is a reverse mortgage. It is only available for persons 62 years and older. The reverse mortgage is a loan that is placed on the home equity. It is referred to as ‘reverse’ because it is not like normal mortgages when the homeowner receives a lump sum and repays the lender for the debt. In this kind of mortgage, the lender releases money to the homeowner for the life of the mortgage and the loan amount increase is directly proportional to the amount released.

The contract expires when the homeowner dies, sells the house or moves out. At this point, it would be safe to say that, in effect, the mortgage expires when the house is sold. Should the homeowner die or decide to move out, the allotment from the lender stops when the intent to sell the house is expressed, otherwise, the release of money to the borrower will be continuous. In case of death, the heirs will inherit the mortgage and the home, and they can decide to continue the allotment or settle the debt, that is if they intend to move out.

When the house is sold, part of the proceeds will be used to repay the home equity mortgage. If there is an excess, the homeowner can keep it, if the proceeds are not sufficient to settle the amount, the bank or the insurance provider of the bank with the loan will absorb the mortgage.

Before taking out a reverse mortgage Myrtle Beach, one should research thoroughly and weigh its advantages and disadvantages. This mortgage binds the home to the lender with no chance of reclaiming the property because as mentioned, selling the house is the only factor that would determine the conclusion of the mortgage.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call today to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

An Overview Of Reverse Mortgage

It is a natural occurrence in the life cycle of an individual to change priorities according to their age. In the case of financial needs, for instance, young children have trivial monetary concerns. Teenagers, on the other hand, have increased yet manageable needs. Young professionals have complicated and often unnecessary financial issues. Yuppies, as they are referred to in urban slang, have a higher propensity to buy because of the initial excitement of real-world adulthood.

Middle-aged people have even more complicated yet defined financial necessities. The senior bracket in South Carolina or those nearing retirement have defined financial requirements. Since most people in their retirement age have a unified idea of their needs, they are the ones who are usually targeted by bank and financial institutions to take out loans or reverse mortgages.

A person at the point of retirement age would most likely be concerned about funds and savings more than anything else. And this is perfectly understandable because leaving the labor force entirely would mean ceasing to receive a paycheck on a regular basis. Some people, after assessing and calculating their bank assets and savings would feel that their money might not be enough to last them through their retirement period. That is precisely why mortgages and loans benefit from this demographic.

A kind of mortgage that is designed specifically for the senior bracket is a reverse mortgage. It is only available for persons 62 years and older. The reverse mortgage is a loan that is placed on the home equity. It is referred to as ‘reverse’ because it is not like normal mortgages when the homeowner receives a lump sum and repays the lender for the debt. In this kind of mortgage, the lender releases money to the homeowner for the life of the mortgage and the loan amount increase is directly proportional to the amount released.

The contract expires when the homeowner dies, sells the house or moves out. At this point, it would be safe to say that, in effect, the mortgage expires when the house is sold. Should the homeowner die or decide to move out, the allotment from the lender stops when the intent to sell the house is expressed, otherwise, the release of money to the borrower will be continuous. In case of death, the heirs will inherit the mortgage and the home, and they can decide to continue the allotment or settle the debt, that is if they intend to move out.

When the house is sold, part of the proceeds will be used to repay the home equity mortgage. If there is an excess, the homeowner can keep it, if the proceeds are not sufficient to settle the amount, the bank or the insurance provider of the bank with the loan will absorb the mortgage.

Before taking out a reverse mortgage Myrtle Beach, one should research thoroughly and weigh its advantages and disadvantages. This mortgage binds the home to the lender with no chance of reclaiming the property because as mentioned, selling the house is the only factor that would determine the conclusion of the mortgage.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call today to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

Reverse Mortgages: The What, The Who And The How

There are different types of loan in the market. One of which is what we call reverse mortgage. Some people might think that this is similar to a traditional mortgage or home loan. The only similarity is that both are loans against a borrower’s home. To understand this type of loan further, let us first discuss what a reverse mortgage really is.

What is a Reverse Mortgage Loan?

A borrower of this type of loan does not actually need to pay back the lending company as long as he/she still lives at the residence used as collateral. The loan amount will be based upon the home’s equity and the age of the borrower. A borrower has the options to receive the funds in different terms – monthly payments, a lump sum, a line of credit, or a combination of these methods. You must take note that in reverse mortgage, you are not required to pay the loan back unless you sell your home, move out or die. One of the many advantages of having this kind of loan is that you can use the loan money without having to move out, rent or repay the loan each month.

Who can Apply for a Reverse Mortgage?

You can apply for a Myrtle Beach reverse mortgage if:

1. You are and any co-owner must be at least 62 years old.
2. You must own a home (this home should also be your primary residence).

One of the good things about a reverse mortgage is that you don’t need to have an income to qualify. Your home must meet the U.S. Department of Housing and Urban Development (HUD) standards to qualify. If you own a trailer home or cooperative house, you can’t apply for this kind of loan. Only a one-unit to four-unit dwelling ,single-family home, a condominium unit or some other HUD-recognized dwelling unit are the only types of homes accepted.

How to Apply?

Let us now talk about how you can start applying for this specific loan.

1. Shop and Compare. You can use the internet to look for loan companies and compare their rates and fees. It is always a wise move to shop around so you can weigh your possible options. You can also ask people you know like your family members, friends, relatives and co-workers what they know about this type of loan or read reviews. Choosing a legitimate and reliable lending institution can be a difficult task though, since a lot of scams have evolved in the market. This is the main reason why extensive research should be done before making a final choice.
2. After you have chosen a local lending institution, you can now fill out and submit the application form. Be sure to have the necessary documents such as your credit report, proof of your identity, etc. Requirements may vary depending on your chosen lender.
3. You might need to present a property appraisal.
4. Once approved, make sure that you have read and understood everything before finally signing any contract or document.

Call South Carolina Reverse Mortgage Service for more information.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://www.screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://www.screversemortgageservices.com/Charleston

Serving all of South Carolina.

Are There Any Dangers On Reverse Mortgages?

You may be considering it for a time now but are afraid because some are telling about the dangers of reverse mortgages that can be placed on you once you avail them. But are these dangers have basis? Or these are simply dangers that you should not mind because the benefits are just too good to ignore?

First, let’s point out these benefits:

You get to own your home or estate for so long as you are living in it, maintaining it, and paying its insurance and property taxes. You also get to enjoy the monthly cash flow from the loan without taxes and spend it without restrictions. You get the option to use it on the education of your grandchildren or on other large expenses. You are protected by the federal government because of certain strict regulations and safeguards placed on this financial mortgage program.

There are many other benefits that one can own up from availing the reverse mortgage, but just like any other financial loans, whether taxable or not, there are also these cons or dangers which one should know before deciding to take it so to avoid regretting in the end.

Some say that Myrtle Beach reverse mortgages come with high-frond end costs that is why there are many lenders offering them and enjoying because of the turnout. Too often, these end costs are not realized at the early stage of your application because just like in other financial loans, most lenders avoid disclosing this issue. So, before you sign anything, it is always a good idea to discuss the possible high charges to avoid the big burdens in the end.

What are these high-front end costs? They could include interests, origination fees, and points. Lenders enjoy these things because it is from them where they make money. For this reason, you should be watching out for these things and making sure bank discloses the details on your up front to avoid the regrets later. Also, check for possible high interest rates and/or closing costs later.

And then, of course, there is the mortgage insurance. The bad thing about this is that you can be stuck with mortgage insurance charges because of homeowners insurance and possible repairs and some other payments. Whether your home depreciates or appreciates, it doesn’t really give difference as to how much you need to pay. So the mortgage insurance is something to watch out for when applying because no one wants it that something else is trying to get their money away from them.

Reverse mortgages can really look appealing to senior citizens of 63 years old and above, due mostly on the fact that they give some sort of financial leveling up for a more comfortable retirement life. On other hand, reading those dangers just mentioned above can discourage many individuals; however, it does not also mean that other types of mortgages are safe to take. As a matter of fact, other mortgages come with cons and dangers, and even riskier.

The thing is it is a matter of choosing the best option for you so that in the end you don’t get charged no higher than what you can take care of.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call South Carolina Reverse Mortgage Services to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

Finance Your Retirement Through A Reverse Mortgage

Seniors are given a way to make full use of their home equity through a reverse mortgage so they can finance their retirement. With many people living a lot longer, a reverse mortgage loan can serve as an income in case their retirement savings cannot cover all of their living expenses.

A reverse mortgage, which is also known as Home Equity Conversion Mortgages or HECM, lets seniors sell a part of the home equity so they can get cash. Through this, they do not have to apply for a home equity loan or even sell the home. Unlike the other kinds of loans available today, a reverse mortgage will not require you to make monthly payments to your lender. Instead, the lender will be the one to give you money every month. You don’t have to pay the money back as long as you continue to live in your house. However, at some point, you will eventually have to repay the loan. If you decide to sell or move out of your primary residence or when you die, the reverse mortgage loan should be paid back.

If you are thinking of getting a reverse mortgage loan, you must be at least 62 years old and the house that you are currently living in should be your primary residence. Reverse mortgages come in three types. These are the private reverse mortgages, federally-insured reverse mortgage, and the single purpose reverse mortgages.

Let us discuss the first one. The single purpose reverse mortgage is designed for one specific purpose only as specified by a nonprofit lender or the government. These may include property taxes, home repairs, or home improvements. This kind of reverse mortgage loan is suitable for people who have low to moderate incomes.

The next one is the federally-insured reverse mortgage, which is also referred to as the Home Equity Conversion Mortgages. It is supported by the US Department of Housing and Urban Development or HUD. Since HECM’s are associated with high costs, this kind of loan is ideal for people who plan to stay in their homes for a very long time. If you want to get this kind of reverse mortgage, the first thing you have to do is consult a housing counseling agency that’s been approved by the federal government. You have to talk to a counselor who will explain what reverse mortgage is, its associated cost and its financial implications.

How much you will receive from an HECM will be based on several factors like your age, kind of reverse mortgage Myrtle Beach you select, home value, and existing interest rates. If you have a lot of equity in your home then the amount you will get will be higher.

The private reverse mortgage, which is the last type, is comparable to that of an HECM. The distinction is that the private reverse mortgage is going to be provided by a private lender. The costs associated with it is also higher compared to the government n HECM. If you own a house with a higher value, qualifying for a reverse mortgage through a private lender will be easy. You will also have higher chances of getting more cash from this kind of loan compared to that of a government HECM.

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

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

How To Gain Financial Independence Through Reverse Mortgages

For you to get a better understanding of what reverse mortgage is about, you have to know a little bit about their history. The very first reverse mortgage was given to Nellie Young in 1961. She was a widow from Portland, Maine who was on a cash crunch. Young met Nelson Haynes, who was employed by Deering Savings and Loan. Haynes helped Young get through her financial problems by designing a loan that is known today as a reverse mortgage. With this, Young managed to pay her bills while continuing to live in her home. It started as an act of kindness and eventually transformed into a financing option that changed the mortgage industry. Reverse mortgage loans allowed homeowners to convert the available equity of their property while staying in their homes.

The Home Equity Conversion Mortgage or HECM was established by the US government in 1989 through the HUD or the Department of Housing and Urban Development. By the financial year 2010, nearly 80,000 Americans got financial assistance through reverse mortgages. Seniors, to be more specific were able to use their home’s equity and became financially independent without having to make mortgage payments every month.

What Are The Qualifications?

The applicant must be at least 62 years old and living in the home as their main residence in order to qualify for a reverse mortgage. Homeowners are also required to get counseling from an agency that’s been approved by the HUD before they can apply for the mortgage, according to the FHA. In addition, there are several kinds of homes that may qualify for this unique mortgage. These include a single family home, a 1-4 unit townhouse or home, with one unit used by the borrower, a home that complies with the FHA guidelines and was built after July 1976, and an FHA-approved condominium.

You need to understand the different aspects of a reverse mortgage before you can determine if it is the right solution for you. If you are running short of cash and you want to use the equity in your home, then a reverse mortgage might just be the answer. Provided that the borrower keeps maintaining the home, pays its insurance and taxes, this might just be the right solution.

Reverse Mortgage Benefits

A reverse mortgage offers a lot of benefits. There’s no need to make loan repayments provided that you continue to live in your house and stay up to date on your homeowner’s insurance, real estate taxes, as well as home repairs. With a reverse mortgage, you do not need to make monthly payments on account that you continue to live in your home. The money that you receive through the loan can be used in any way you want and without any restrictions. In case you want to sell your home and move to another house, the proceeds of the sale will go towards the reverse mortgage fees and balance. Whatever is left will be returned to you.

Call South Carolina Reverse Mortgage Services now if you want to know more about reverse mortgage loans.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

Do You Need A Reverse Mortgage?

Reverse 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

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

http://screversemortgageservices.com/Charleston

Serving all of South Carolina.

Reverse Mortgages – Why Seniors Must Get It

When you are getting older and already on the brink of retirement, you begin to worry much about living in a time of uncertainty. When you reach the age of 62 and become a senior citizen, you start to think of ways on how you’ll get to earn money without the help of a regular job.

For many of the elderly citizens, a reverse mortgage is the right approach for them to have a fixed income even after retirement. Instead of engaging themselves in a conventional type of loan where they will make monthly payments to cover for the money they’ve borrowed, a reverse mortgage gives an opportunity for the elders to get money against the value of their already paid up homes.

For example, let’s say your home is worth around $200,000. You decide to get a reverse mortgage Myrtle Beach out of your home’s equity. The value of your house will then be converted to cash, thus giving you an opportunity to increase your spending even if you’re already retired. Let’s say you’ve chosen to be paid $300 a month, then that will continue on as long as you stay in your home, and for as long as you live.

Also, the amount that you get is tax-free since it is considered a loan. You do not have to worry about your Social Security and medical benefits from getting affected.

When you leave your home and transfer to another place, or when the time comes that you die, then that is when the loan will be due. With a reverse mortgage, you will never owe more than what your house is worth, even if the lender has already paid you more than the value of the house. This is particularly advantageous when the value of the house has already declined and was sold to a lesser price.

There are actually no income qualifications to get a reverse mortgage. Do not fret too much if you had a bad credit history when you were still working. That definitely does not count. As long as you are 62 years of age and you own a home, then you’re easily qualified to have a reverse mortgage.

What’s also fascinating is the fact that there’s no restriction on how you will spend your money. Once you get it, you can splurge on anything that will make you happy and satisfied during old age. Travel to famous places, have regular medical check-ups, pay for your house’s maintenance – you name it. You can do whatever you want with your money.

Perhaps the most important advantage is that there’s no risk of default in a reverse mortgage. You will not lose your home in cases of non-payment. Also, if your lender defaults, you’ll still receive your payments. The Department of Housing and Urban Affairs makes sure that your reverse mortgage is federally insured.

Does that sound too good to be true? Yes it is, but if you really think about it, reverse mortgages are a practical option to consider once you enter retirement. It is the perfect opportunity to live a fruitful life while it lasts.

The best way to find out all the facts about reverse mortgage is to have a conversation with a reverse mortgage councilor. Call today to schedule a time for a counselor to come to your home.

South Carolina Reverse Mortgage Services

Myrtle Beach, SC 29577

843-353-6071

http://screversemortgageservices.com/

South Carolina Reverse Mortgage Services

Charleston Office

Charleston, SC 29401

843-353-6071

Charleston

http://screversemortgageservices.com/charleston/embed/#?secret=ODzWaOlwFF

Serving all of South Carolina.