A reverse mortgage is a way for homeowners more than the age of 62 to access equity in their home with out getting to repay this loan until they sell the house or ultimately pass away. Reverse mortgages may be an attractive choice for seniors that don't have a great deal of liquid assets available to spend for mounting expenses like home repairs, medical bills or general living costs. Whilst some seniors have appealing retirement packages, others have large amounts of equity in their houses, but don't have sufficient liquid assets to survive from month to month.
Unfortunately, today's social security payments are usually not enough to assistance all of the monthly costs of a typically retiree. Reverse mortgages in South Carolina can be a lifesaver for certain individuals who don't know exactly where they're going to obtain sufficient cash to survive from month to month. Even following a retiree takes out a reverse mortgage, this does not imply that he or she will ultimately shed ownership in their home. Reverse mortgages involve a loan that is to become repaid only upon the homeowners death. At the time of death, when the home is worth less than the money borrowed for the reverse mortgage then the family members of the deceased homeowner owes absolutely nothing. This can be a stipulation put in location by the US government to make sure that heirs would not be accountable for reverse mortgage debt that exceeded the value of a house.
If you're looking for much more information about reverse mortgages in South Carolina, it's very important that you seek the advice of with a trustworthy mortgage officer. Franklin Funding which is a division of Success Mortgage Partners has been supplying reverse mortgage solutions to South Carolina residents since 1999. They're committed to helping homeowners figure out whether or not a reverse mortgage is really a great match. Visit their internet website at www.reversemortgagessc.com to discover much more about the variety of services that are offered by Franklin Funding and to schedule a consultation having a mortgage officer.
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