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

George Stewart-Reverse Mortgage Consultant
First National Bank of PA

Experienced Reverse Mortgage specialist serving Charleston, SC since 2002.
Please all me for a free consultation and customized information packet.

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Reverse Mortgage Basics
A reverse mortgage is a loan that enables homeowners 62 and over to convert part 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). It provides funds to help pay for the things you want or need, while you continue to live in and own your home.

Minimum Requirements
  • Age 62 or older
  • Own and live in your home
  • Home must be your principal residence, and meet HUD guidelines
  • Complete HECM counseling session

Payment Options
You can choose to take your funds as:
  • A Line of Credit
  • Monthly payments 
  • Upfront Cash
  • Any combination of the above

Reverse Mortgage Line of Credit Option

This option is growing in popularity as it offers certain advantages as compared to a traditional Home Equity Line of Credit (HELOC), 

Feature
Traditional HELOC
Reverse Mortgage Line of Credit
Borrower retains home ownership *
X
X
No monthly principal and interest
​ payments required *
                          
X
Line of credit growth **
                        
X
Use of credit cannot be reduced or revoked by the lender, as long as you meet all your obligations under the loan
                        
X
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  * Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A reverse mortgage is a home-secured debt payable upon default or maturity event.  
** With a Reverse Mortgage Line of Credit, the amount available to the borrower can increase over time. The growth applies to the unused  funds remaining in the borrower's credit line. The less the borrower takes out up front, the more will be available
later.



​Uses

 You may use the loan proceeds anyway you want.
  • An alternative to a Home Equity Line of Credit (HELOC)
  • Supplement your retirement income to help preserve your savings
  • Pay off your existing mortgage to free up more cash each month
  • Cover unplanned expenses
  • Health care costs
  • Renovate or upgrade your home
  • Buy an automobile or other major purchases

HECM for Purchase
HECM for Purchase is a financing option specifically for home buyers who are age 62 and older. It may help you 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 loan proceeds from a HECM to complete the transaction. The home you are purchasing secures the loan.

HECM FOR PURCHASE HIGHLIGHTS

WHAT
  • An FHA-insured mortgage loan
  • A way to help you buy the home you want
WHO
  • Home buyers age 62 and older
WHY
  • ​Eliminates monthly principal and interest payments
  • Can increase your cash flow
For the loan to remain in good standing, the borrower must continue to keep current with property-related taxes, insurance and upkeep.
Counseling
Reverse Mortgage counseling is required before an appraisal can be ordered. I will furnish a list of approved HECM counseling agencies located in SC as well as agencies that offer telephone counseling. 


Reverse Mortgage Timeline
1961-- The first reverse mortgage was closed in Maine
1987-- Congress passed a reverse mortgage pilot program called the
                 Home Equity Conversion Mortgage (HECM) Demonstration

1988-- President Reagan signs the reverse mortgage HECM bill into law.
                50 lenders chosen by lottery to participate
1989-- The first FHA-insured Home Equity Conversion Mortgage (HECM) is                    issued.
1998-- HECM becomes permanent.
2009-- The HECM for Purchase program is introduced
                 HECM loan limit increased to $625,500
2015-- Financial Assessment begins.

Please call me if you are seeking a Reverse Mortgage lender serving Charleston, SC. I have been a Reverse Mortgage Consultant based in South Carolina for over 13 years and can help simplify the entire loan process. I work for the Reverse Mortgage Division of Yadkin Bank in Summerville, and can  meet in the convenience of your home. Get your information from an experienced Reverse Mortgage specialist who can answer all your questions and make a Reverse Mortgage easy to understand.

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George Stewart                                                                                                             
Reverse Mortgage Consultant
NMLS # 506558

(843) 771-3677 Office
(843) 818-7676 Mobile

StewartG@fnb-corp.com
First National Bank of PA
242B Luden Drive
Summerville, SC 29483
​Branch NMLS # 766529

​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.

Copyright © 2017 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.