A reverse mortgage is a way for homeowners more than the age of 62 to access equity in their house without having to repay this loan until they sell the home or ultimately pass away. Reverse mortgages can be an appealing choice for seniors that don’t have a lot of liquid assets accessible to spend for mounting expenses like home repairs, medical bills or general living expenses. While some seniors have appealing retirement packages, others have large amounts of equity in their homes, but do not have enough liquid assets to survive from month to month.
Sadly, today’s social security payments are usually not sufficient to support all of the monthly costs of an usually retiree. Reverse mortgages in South Carolina could be a lifesaver for particular people who don’t know where they’re going to obtain enough money to survive from month to month. Even following a retiree requires out a reverse mortgage, this doesn’t imply that he or she will eventually lose ownership in their house. Reverse mortgages involve a loan that is to become repaid only upon the homeowners death. At the time of death, when the house is worth much less than the money borrowed for the reverse mortgage then the family members from the deceased homeowner owes absolutely nothing. This is a stipulation place in place by the US government to ensure that heirs wouldn’t be responsible for reverse mortgage debt that exceeded the worth of a house.
If you’re looking for much more details about reverse mortgages in South Carolina, it’s very important that you simply consult having a reputable mortgage officer. Franklin Funding which is a division of Success Mortgage Partners has been providing reverse mortgage solutions to South Carolina residents because 1999. They are committed to helping homeowners determine whether or not or not a reverse mortgage is really a good fit. Go to their web site at www.reversemortgagessc.com to discover more concerning the variety of services that are offered by Franklin Funding and to schedule a consultation having a mortgage officer.
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