South Carolina

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A South Carolina Reverse mortgage is something that an older person can take advantage of. It is a loan that is based on the value of one's house. If granted such a loan, the borrower could use the proceeds for things like supplemental income, purchase of property or land, home reparations or additions, a new car purchase, or contributions to college for a grandchild. Once the loan is granted the money belongs to the borrower to do whatever he or she pleases with it. It can either be taken out as a lump some or a monthly payment.

 

The great thing about this kind of arrangement is that it differs from a regular mortgage because it does not have to be paid back until the borrower dies or sells the home. That will ease the mind of the debtor so that he or she will suffer less stress.

 

In order to apply for a South Carolina Reverse Mortgage, the individual must be at least 62 years of age. These loans are designed for older individuals to take out. Also, the home owner must have a very low balance left on the original mortgage to qualify. It must be almost paid off.

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Reverse Mortgage
Helpdesk

The Reverse Mortgage Helpdesk is a resource, clear and simple. It is also a free service. We want to make sure seniors and/or their loved ones who are making decisions about maintaining their home, have all the facts. Guidelines and procedures change constantly in the mortgage business. We want to make sure people who have worked all their lives are not taken advantage of by

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