Get Answers
I will answer all your questions in a relaxed atmosphere without any pressure or obligation. My goal is to help you understand the choices so you can make an informed decision that is right for you-either now or in the future. ​ Call me for a free customized reverse mortgage analysis outlined at the bottom of this page.

​Have Car-Will Travel
My commitment is to meet with you personally if you decide to apply for a reverse mortgage loan. For your convenience, I will travel anywhere in South Carolina for a face to face application signing. I have over 17 years experience as a SC Reverse Mortgage Consultant and can walk you through the entire loan process every step of the way.
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SC Reverse Mortgage Lenders
There are many reverse mortgage companies to choose from. Some of the largest  lenders use a centralized call center and the client may never meet with a loan officer face to face. Your information is often gathered over the telephone and an application is mailed to you or an appointment is arranged with a notary to attend the application signing.  Loan officers may be experienced or relatively new and may not even specialize in reverse mortgages.

Experience Counts
The reverse mortgage process can be a complex transaction with many variables to consider. Choose a SC based experienced specialist who can  make the process less complicated and more timely. Determining you goals and a creating a sound plan to achieve them is the key to success. I would be honored to have the opportunity to be of service.

What is a Reverse Mortgage?
A reverse mortgage is a loan that enables homeowners 62 and over to convert some of the equity in their homes, without having to sell the home, give up the title or take on a new monthly mortgage payment (principal & interest). Choose from a HECM, HECM for Purchase, or a Jumbo product as detailed below.

HECM

What is a HECM?

​HECM or Home Equity Conversion Mortgage is the FHA insured reverse mortgage product.
It is a loan that enables homeowners 62 and over to convert some of the equity in their homes, without having to sell the home, give up the title or take on a new monthly mortgage payment (principal & interest).
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❖ Home Equity Loan that provides funds to borrowers based on age and home value
❖ Homeowners normally defer payment of the loan until they
     ●  Pass away
     ●  Sell or transfer title
     ●  Permanently move
❖ Should Not affect Social Security or Medicare benefits
❖ May affect SSI and Medicaid (consult with appropriate government agency)
​❖ Borrowers continue to be responsible for property taxes, homeowners
insurance, home maintenance and all property charges (HOA dues, etc.)

Borrower Eligibility
❖ 62 or older
❖ Own and occupy the property as the principal residence 
❖ Complete a HECM Counseling session

Property Eligibility 
❖ Single family homes
❖ 2-4 family dwelling
❖ FHA approved condominiums
❖ Manufactured housing that qualifies under FHA guidelines 
❖ All properties must meet FHA property standards and flood requirements
❖ Must be the primary residence

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​​Payment Options
❖ Line of Credit - Access your available funds whenever you need 
❖ Tenure - Fixed monthly payment for as long as you live in and own your home
❖  Term - Fixed monthly payments for a set number of years
❖  Lump sum-cash up front
❖ A combination chosen from above 

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​​Reverse Mortgage Features
❖ Funds can be used for virtually any purpose
❖ Is not considered taxable income (consult your tax advisor)
                                                                                                                                                                                                            

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hecm for purchase 

What is a HECM for Purchase or H4P?

​It is a  financing option specifically for home buyers who are age 62 and older that may help you get the funds you need to buy the home you want.

Unlike a traditional mortgage, there are no monthly principal and interest payments, which can help boost your cash flow. You own the home as long as you live in it. 

It enables you to purchase a home by combining a one-time investment of funds with loan proceeds from a HECM to complete the transaction. The home you are purchasing secures the loan.

The loan is due when you:

• Pass away
• Sell the home 
• Move or transfer title
• Fail to meet the borrower responsibilities

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Borrower Responsibilities

• Property Taxes
• Homeowners Insurance
• Home Maintenance
• Other property charges (HOA Fees, etc.)

​Required Before Application​

• Sales Contract-No seller concessions allowed
• HECM Counseling Certificate
• Certificate of Occupanc

Eligible Properties

• Single Family Homes
• Townhomes
• FHA Approved condominiums
• Must be the Primary Residence

How does it work?

The HECM for Purchase program requires an up-front investment (down payment) from the buyer of about 45% to 55% of the purchase price. The down payment must come from assets you already own-such as money from the sale of a current home or investment or funds you have in a checking, savings, CD, or retirement account. The funds cannot be borrowed.

​How is it different?
​

HECM for Purchase
Requires no montly principal and interest payments throughout the life of the loan.* Interest and fees are added to the balance so that it increases over time, rather than decreasing. 
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Traditional Mortgage
​Limits the amount you have to invest up front, and lets you build equity over the life of the loan. However, the monthly principal and interest payments reduce your cash flow, and could be an unwelcome financial burden.
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jumbo reverse mortgage

What is a Jumbo Reverse Mortgage?

​It is a  proprietary reverse mortgage that can offer more funds for higher value homes. It may be a better option for homes appraised above the HECM lending limit of $765,600. I have an assortment of Jumbo products to choose from including a second mortgage option.
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​Jumbo Reverse Mortgage vs HECM:
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 Jumbo Advantages 

• More Access to Funds (up to $4 million depending on the lender)
• Lower Age Eligibility (as low as age 60 with at least one lender)
• No Mortgage Insurance Requirement (lower up-front costs)
• More Condos Qualify (no FHA approval required depending on lender and appraised value)
• Second Mortgage Jumbo Available

HECM Advantages

• ​FHA Insured Loan
• Protection for Non Borrowing Spouses
• Interest Rates Generally Lower
• More Ways to Access Loan Proceeds

Free custom analysis

Free Analysis
​Please contact me for a customized analysis with detailed estimates based on your particular financial situation.  The information is personalized and based on the goals you would like to accomplish. 

At a Glance
 
The analysis contains color pie charts and graphs which are tailored to your specifications and can help you easily understand how a reverse mortgage would work for you.
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SC residents will also receive a statement regarding the advisability and availability of independent information and counseling services on Reverse Mortgages.

Included

The Estimates	Counseling Details	Consumer Information
Loan Comparison	List of HUD Approved HECM Counselors	Reverse Mortgage Analysis
Estimate of Closing Costs Worksheet	Preparing for Your Counseling Session	Use Your Home to Stay at Home
Amortization Schedule-Annual Projections	Counseling Access Code	Considering a Reverse Mortgage?
Total Annual Loan Cost	(The counseling list varies by state)	(More information is available upon request)