4816 Hearthside Drive, Summerville, SC, 29485 3 Bed • 2 Bath • 1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of
Home Buyers using Reverse Mortgages
I'm sure you have seen the ads on tv talking about refinancing your home with a reverse mortgage. The good news is that it can apply to new purchases as well. So for those of us looking to downsize, who are 62 and older, this is a great way to "get your cake and eat it too!"
What is the difference between a Reverse Mortgage and a Reverse Mortgage for purchase?
A Reverse Mortgage is a special loan for homeowners 62 and older that allows them to convert a part of their home equity into cash. A Reverse Mortgage for Purchase lets those same homeowners use the equity from the sale of one home and the proceeds from a Reverse Mortgage loan to buy their next home, all in one transaction.
How do you repay a Reverse Mortgage loan? While you maintain the new home as your primary residence, no payments are due. It is important to remember: Taxes, insurance and HOA dues must be kept up to date to keep in compliance with the loan.
Contact me today for more information.
I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....
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