When Is The Best Time To Get A Reverse Mortgage?

Reverse MortgageYou might be surprised at the number of people who want to know more about a reverse mortgage loan. There are numerous borrowers from each state, from different socioeconomic backgrounds. And, their ages range from 62 years old to 95 years old.

But if there is one thing that all of them want to know, it’s the perfect time to get a reverse mortgage loan.

Remember, reverse mortgages in Myrtle Beach provide homeowners with the option to stay in their houses while getting access to some of their home equity. Your age, value of your home, and current interest rates will determine how much you’ll get. The amount you own on a traditional loan will also determine the how much will be made available to you.

Good Times To Get A Reverse Mortgage Loan

If you need cash now and you plan to stay in your house for a long time then a reverse mortgage in Myrtle Beach could be a perfect solution.

A reverse mortgage loan can help you get rid of existing mortgage, in case you have one. It can also give you access to a line of credit or cash. You can use the money any way you want. It can help you make ends meet, improve your monthly spending, or spend on something lavish. But most people use the money for their medical costs, large one-time expenses, or home remodeling.

It is also a good time to get this type of loan if the housing prices are high. If your house has a higher value then your reverse mortgage loan amount will be higher, too.

reverse mortgage home equityEstimate Your Loan Amount

Another good time to get a reverse mortgage loan is when the interest rates are low because you can get access to more cash from a mortgage. If you are older, you will have higher chances of getting approved for a mortgage.

Do you want to stay in your house for a long time and need a source of cash? If yes, then this type of loan could be a good option. Also, this type of loan is also a good solution if you wish to improve your quality of life after retirement.

Bad Times To Get This Loan

Meanwhile, if you are worried about how much you can leave to your heirs then this type of loan may not be a good option for you. If you get a reverse mortgage loan in Myrtle Beach, you will still remain as the owner of your house. It’s still your asset and you can give it to your heir. However, once you pass away and you’ve handed the house to your heir, he or she will be responsible for paying back the loan.

Additionally, if you cannot afford to maintain the house, then this type of loan isn’t a good idea as well. If you get a mortgage, any loan payments that you have been making will go away. But, you should still be able to pay for the insurance, taxes, and maintenance of your house. If you can’t afford to cover these expenses for the rest of your life then getting this kind of loan isn’t a good idea.

Also, this type of loan is not a good idea if you are planning to move elsewhere. Also, you should reconsider if your spouse is younger than 62 years old. Moreover, another factor is if your home can’t accommodate aging in place. So, get in touch with an expert like David Stacy Reverse Mortgage Specialist for more information.

Call David Stacy Reverse Mortgage Specialist if you need help in figuring out if this type of loan is the best option for you.

David Stacy Reverse Mortgage Specialist
Myrtle Beach, SC 29577
(843) 491-1436

We serve all of Horry County including: North Myrtle BeachCarolina Forest, Socastee, Forestbrook, Conway, Surfside BeachLittle River, Myrtle Beach, Forestbrook