SC Reverse Mortgage Advisor (843)-771-3677
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Aiken SC

HECM
HECM Eligibility
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

HECM For Purchase
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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.)
Eligible Properties
  • Single Family Homes
  • Townhomes
  • FHA Approved condominiums
  • Must be the Primary Residence

​Required Before Application​
  • Sales Contract-No seller concessions allowed
  • HECM Counseling Certificate
  • Certificate of Occupanc

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 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.
​
​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
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Aiken, SC Reverse Mortgage Information
Call me if you are seeking a Reverse Mortgage lender serving Aiken, SC.


Local
My name is George Stewart and I have been serving Aiken, SC as a Reverse Mortgage Consultant since 2002. I work for the Reverse Mortgage Division of Family First Funding in the Mt. Pleasant office. 

Experienced
I have been a Reverse Mortgage loan specialist for 17 years and cover the entire state of South Carolina including Aiken. Consultations are free and available by telephone or in person. Experience should be an important consideration when choosing among reverse mortgage lenders in Aiken.

 
Specialist
Reverse Mortgage lending is my full time profession and I don’t originate any other mortgage products. My specialty is the federally insured Home Equity Conversion Mortgage (HECM).

Convenient
We can meet  in the comfort and convenience of your home if you decide to apply.
​I still make house calls-to Aiken or anywhere in South Carolina.


No Pressure

 I believe in a consumer education process and not a hard sell. My approach is low key, without pressure, and you can take all the time you want to make a decision.

Options
A Reverse Mortgage loan is a complex financial transaction. It might be wise to consult a specialist to review its many features and get the facts. I am an experienced loan officer who can help you to ascertain your options and convey how a Reverse Mortgage might apply to your specific circumstances.

Reverse Mortgage At A Glance

A home loan that allows you to access some of the equity without having to make monthly principal and interest payments.

Minimum Borrower Requirements:
  • 62 or Older
  • Own and Occupy the Home
  • Complete HECM Counseling
Minimum Property Requirements:
  • Must be your Principal Residence
  • Meet HUD Guidelines
Borrower's Continuing Responsibilities
  • Own and Occupy Home as your Primary Residence
  • Pay Property Taxes
  • Homeowners Insurance Coverage
  • Home Maintenance​
Please click the buttons for detailed information.
Frequently Asked Questions
Reverse Mortgage Myths vs Facts
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​Your Goals

My purpose is to find out what you want to accomplish and to completely answer any questions you have. I am a good listener and will try to pick up on your concerns and make a Reverse Mortgage easy to understand. 

Personalized Information
You can receive a free customized  information packet based on your individual goals and circumstances. 


Straight Talk

The ultimate objective is to build a relationship by being straightforward and not promising things I cannot do.

That includes discussing both the pluses and the minuses of a Reverse Mortgage so you can make an informed decision that’s right for you.

  The Process

  • Initial Inquiry
  • Counseling
  • Application
  • Appraisal
  • Processing
  • Underwriting
  • Closing 
  • Funding​
The Details

​The Reverse Mortgage Process
The typical process is outlined on the left. Not all loans are approved and funded. Please click on the details button for more information.

HECM for Purchase
HECM for purchase is a financing option specifically for home buyers who are age 62 and older.  It may help you use a Reverse Mortgage to get the funds you need to buy the home you want.

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



Reverse Mortgage Lenders Aiken, SC
Thank you for visiting my website. I hope you will consider me when choosing between lenders serving Aiken.

Please contact me at 843-771-3677 for more
 information or click the buttons below.
Line of Credit Option
HECM For Purchse
George Stewart

Home

George Stewart
George Stewart                      
​
Reverse Mortgage Consultant
NMLS 506558
(843) 771-3677 Office
(843) 818-7676 Mobile

​(843) 872-9192 Fax
​​                                           gstewart@fam1fund.com
​

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​311 Johnnie Dodds Blvd., Suite 151
Mt. Pleasant, SC 29464
​​NMLS 1812054

                                                                                                                  Copyright © 2021 by George Stewart
All rights reserved. The author is solely responsible for this content and is not affiliated with or acting on behalf of any government agency.
​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 cond
itions 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.

 This website is not authorized by the New York State Department of Financial Services.  No mortgage loan applications for properties located in New York are accepted through this site. 

​Family First Funding LLC: NMLS 810371.  Visit  
www.nmlsconsumeraccess.org for complete state licensing information.