Surfside Beach, a tranquil seaside town nestled along the beautiful Grand Strand of South Carolina, offers a serene coastal escape like no other. Known for its pristine sandy shores and laid-back atmosphere, Surfside Beach is a beloved destination for those seeking a quieter and more relaxed coastal experience.

The town’s wide, inviting beaches provide ample space for sunbathing, beachcombing, and building sandcastles. The Surfside Beach Pier is a popular spot for fishing and strolling, offering breathtaking views of the Atlantic Ocean. Water enthusiasts can partake in a variety of activities, including surfing, paddleboarding, and boogie boarding.

Can Jumbo Reverse Mortgages In Surfside Beach Help You During Economic Uncertainty?

Surfside Beach Like with most recessions, the coronavirus outbreak has businesses and investors looking for opportunities to leverage. To put it simply, this is the idea of using borrowed capital or different financial instruments to multiply the possible return. There has been an increase in the interest from CEOs and business executives in jumbo reverse mortgages. Many of these clients were referred by financial experts looking for a buffer from the economic volatility and the loss of income that their clients are facing now.

Specially designed for homeowners who are above 60 years old with higher home values, jumbo reverse mortgages provide the following benefits versus conventional HECM reverse mortgage loans.

Benefits Of Jumbo Reverse Mortgages

Larger lending limits are the first advantage of jumbo reverse mortgages. Traditional reverse mortgages have a limit of $765,600 while a jumbo reverse mortgage loan can give you a loan of as much as $4 million. The amount you will be able to borrow will depend on the value of your house, your age, the interest rates, and how much you own on your home.

If you take out a jumbo or proprietary reverse mortgage, you can choose to get the full proceeds of the loans immediately. It will be up to you to ensure that the funds will last throughout your retirement. On the other hand, conventional reverse mortgages do not let you take all of the proceeds at just one time. Full proceeds from the conventional reverse mortgage funds will be spread out over one year.

It does not need an FHA approval. Reverse mortgages in Myrtle Beach are guaranteed by the FHA and generally have higher upfront fees compared to jumbo or proprietary options. Another benefit is lower fees. A jumbo reverse mortgage doesn’t’ need upfront mortgage insurance, which means it’s a lower-cost option for qualified borrowers.

Generally, those who are interested in taking out a jumbo reverse mortgage are high-net-worth families or individuals who know the advantages of leveraging housing wealth. Homeowners who are at least sixty years old have built up a record of as much as $7.23 trillion of unutilized housing wealth as of the first quarter of this year, as per the data offered by the National Reverse Mortgage Lenders Association (NRMLA) along with data analytics that came from RiskSpan. Especially in times of uncertainty or when income or cash flow is affected, knowing the idea of leverage could make a difference in the survivability of someone’s financial well-being.

Just like conventional government-backed HECM reverse mortgages, a jumbo reverse mortgage is a nonrecourse loan. It means neither the heir nor the borrower will be liable for any amount of the mortgage that goes beyond the value of the home once the loan is repaid.

Another benefit offered by a jumbo reverse mortgage loan is that it can pay off as well as replace conventional mortgage loans, cutting back the burden of a required monthly payment and leading to immediate savings, which is helpful in the situation these days.

Call David Stacy Reverse Mortgage Specialist for more information about jumbo reverse mortgages in Surfside Beach.

David Stacy Reverse Mortgage Specialist
Myrtle Beach, SC 29577
(843) 491-1436
https://www.reverse-info.com

Areas Served: North Myrtle Beach, Carolina Forest, Socastee, Forestbrook, Conway, Surfside Beach, Little River, Myrtle Beach, Columbia, Charleston, Greenville, Hilton Island