Carolina Forest is a thriving suburban community located just inland from the bustling shores of Myrtle Beach, South Carolina. Nestled amid the pristine natural beauty of the Grand Strand region, Carolina Forest offers residents a perfect balance between modern conveniences and a serene, family-friendly atmosphere.

One of the standout features of Carolina Forest is its excellent school system, making it an ideal place for families to settle. With access to top-notch educational institutions and numerous parks, this community caters to the needs of both parents and children. The Carolina Forest Recreation Center is a hub for sports and recreational activities, fostering a sense of community among residents.

HELOC Market Slowdown Leads To More Reverse Mortgage Inquiries In Carolina Forest

The originators of reverse mortgages have always lauded the advantages of reverse mortgage options for a few prospects relative to HELOCs or home equity lines of credit. However, the latest changes in the home equity lending environment brought this differentiation back to the fore, and a few originators are getting higher numbers of inquiries because of people who want to get a HELOC but are unable to qualify.

The merits of HELOC and HECM were easily compared before when credit were easily obtained and the interest rates were low. Now, things have changed and the situation has made the differentiation a lot more favorable and the discussion has been made far easier.

J.P Morgan Chase Bank announced recently that it would no longer accept applications for HELOC because of the coronavirus outbreak, which presents a major advantage for HECMs. Another bank, Wells Fargo, also did the same thing.

The product offerings and the lending standards have been adjusted by other lenders. With a few potential HELOC borrowers not qualifying or perhaps facing fewer options has led to more discussions about reverse mortgage.

Experts say that several banks have been referring clients who are seeking a HELOC but are unable to help to their competitors. First they ask if their aging clients qualify for HECM and in most cases, these clients are sitting in their office. There is a growing urgency to take out a loan because of the increasing number of job losses and the ongoing market turmoil, which made applicants unable to wait a few weeks.

Much of the business are coming from referrals and because of that, there are more questions about the reverse mortgage qualification guidelines.

The No Freeze Benefit

Emphasizing the benefits of reverse mortgages during these uncertain times, not to mention the fact that a lender can’t cancel or freeze the reverse mortgage, which is possible with a HELOC. This has become a primary selling point for reverse mortgages.

This crucial advantage is being highlighted to both financial planners and potential borrowers because it could be an important protection during these uncertain times. A lot of people are looking for security as they plan for their retirement and reverse mortgage can be a crucial part of that.

Existing and potential HELOC borrowers are asking more questions about reverse mortgage loans. A lot of seniors are worried that they may no longer be able to access their line of credits at a time when they need it the most. That’s why many of them are considering this option.

A lot of borrowers have encountered a lot of issues with frozen line of credit and the no freeze benefit is an attractive feature of a reverse mortgage Myrtle Beach.

Call David Stacy Reverse Mortgage Specialist if you are looking for more information about reverse mortgage.

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