When most people hear the dreaded phrase, "reverse mortgage" they start to rattle off all of the disadvantages of this investment vehicle. Sadly, due to the stigma that's attached to reverse mortgages, some individuals do not make the most of them when it may make monetary sense. Reverse mortgages in South Carolina have waned in popularity over the years because of this simple fact.
Reverse mortgages can make financial sense in particular circumstances. If you're 62 years of age or older and are running out of retirement earnings, you might be a great candidate for a reverse mortgage. Reverse mortgages allow you to use your house equity as collateral to produce month-to-month income for the rest of your life. Your month-to-month earnings from the reverse mortgage will probably be based on the quantity of equity that you simply have in your house. 1 misconception is that in the event you live too long, the bank will take your house. This is not accurate in the least bit. Even if the quantity of the outstanding loan is higher than your property value you nonetheless are able to stay inside your home. Reverse mortgages also allow you to borrow money out of your home with out incurring additional monthly charges similar to a house equity line of credit.
When you have any questions about Reverse Mortages in South Carolina really feel free to give Franklin Funding a contact. They are specialists in the reverse mortgage procedure and can be more than prepared to sit down with you to determine if a reverse mortgage is correct for you personally and your financial scenario. They are committed to supplying financial services that benefit you and don't make the most of your monetary issues. You can visit their web site at www.reversemortgagessc.com or give them a contact at 1-843-762-2218. They've been supplying reverse mortgages in South Carolina because 1999.
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