SC Reverse Mortgage Consultant (843)-771-3677

Welcome

I am George Stewart, a Reverse Mortgage Consultant in SC since 2002.
Please call me if you need an experienced SC lender or just want some information. Serving all of SC,

Free Custom Analysis

analysis details

Information Packet
Compare the different reverse mortgage products side by side. This specialized report is based on your unique financial situation and the goals you want to achieve.

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.

SC residents will also receive a statement regarding the advisability and availability of independent information and counseling services on Reverse Mortgages.

What is 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)

Reverse Mortgage Products

Stress-Free Information
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.

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 20 years experience as a SC Reverse Mortgage Consultant and can walk you through the entire loan process every step of the way.

What is a Reverse Mortgage?
Homeowners 62 and over can borrow some of the equity in their homes, without having to sell, give up the title or take on a new monthly mortgage payment (principal & interest).

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 inexperienced and may not 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.

Product Details:

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).

❖ 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

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

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

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

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.

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.

jumbo reverse

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 $1,089,300. I have an assortment of Jumbo products to choose from including a second mortgage option.

Jumbo Reverse Mortgage vs HECM:

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

towns served in sc

Abbeville
Aiken
Allendale
Anderson
Bamberg
Barnwell
Beaufort
Bennettsville
Berea
Bluffton
Cayce
Charleston
Cheraw
Columbia
Conway
Daniel Island
Darlington
Dillon
Easley
Edisto Island
Florence
Fort Mill

Gaffney
Georgetown
Goose Creek
Greenville
Greenwood
Greer
Hampton
Hanahan
Hardeeville
Hartsville
Hilton Head Island
Irmo
Isle Of Palms
James island
Kiawah Island
Ladson
Lake City
Lexington
Manning
Marion
Mauldin
Moncks Corner

Mt. Pleasant
Mullins
Murrells Inlet
Myrtle Beach
Newberry
North Augusta
North Charleston
North Myrtle Beach
Orangeburg
Port Royal
Ridgeland
Rock Hill
Simpsonville
Socastee
Spartanburg
Sullivan's Island
Summerville
Sumter
Walterboro
West Columbia

Home

George Stewart
Reverse Mortgage Consultant
NMLS 506558
(843) 771-3677 Office

This material is not from, approved, or issued by the FHA, HUD, or any government agency. The content on these pages is for informational purposes only and is subject to change without notice. Please consult a professional for tax or financial advice.

A reverse mortgage is a home loan and not a government benefit. The borrowers must continue to own and occupy the property as the primary residence and are responsible for paying property taxes, homeowner's insurance, and property maintenance.

A reverse mortgage is a rising debt, falling equity loan. Negative amortization causes the loan balance to increase as accrued interest and fees are added. Failure to comply with the terms and conditions of the loan could trigger a loan default that results in foreclosure.

Subject to underwriting approval. Application is required and not all applicants will be approved. Full documentation and property insurance required. Loan secured by a lien against your property. Fees and charges apply and may vary by product and state. Terms, conditions and restrictions apply.

Visit www.nmlsconsumeraccess.org for complete state licensing information.