South Carolina Seniors often ask about reverse mortgages these questions…

What is a reverse mortgage?

A reverse mortgage is a loan against your home that enables you to convert a portion of your home’s equity in tax-free income.The loan comes due when the last borrower permanently leaves the home.Simply put, a reverse mortgage is a loan you don’t repay until you no longer live in your home.

There is no catch.The South Carolina reverse mortgage lender loans the money based on your age, the amount of equity in the home, your county, interest rates, and the type of reverse mortgage selected.The money gets paid back with interest when the last borrower dies, permanently moves out of the house, or sells the house.It is quite often the proceeds from the sale of the house which satisfy the loan obligation. The money is not a gift – it is a loan based on the value of your home.

We try to answer questions for South Carolina seniors interested in a reverse mortgage. We try to show you if one is appropriate for you. Click South Carolina Reverse Mortgage to get the reverse mortgage information you need. You will also find the trusted South Caolina Reverse Mortgage Lenders.

Another resource for South Carolina Seniors:

Department of Health and Human Services
P. O. Box 8206
Columbia, SC 29202-8206