Fairway Independent Mortgage Corporation Extends Help for Seniors in Need

Fairway Independent Mortgage Corporation is extending their services to senior citizens in need in Hilton Head, Bluffton, Myrtle Beach and the rest of the Lowcountry, SC.

The company, through their website educated seniors in Hilton Head, Bluffton, Myrtle Beach and the rest of the Lowcountry, SC about today’s reverse mortgage options.

“The reverse mortgage is designed to help seniors to be qualified to convert a portion of their home equity into cash. The reverse mortgage has helped many homeowners and as long as all loan terms are met the home is still owned by the borrower,” the company explains on their website.

According to the article on Fairway Independent Mortgage Corporation, seniors that are 62 years or older, and have paid off their mortgage or have significant equity, are eligible for a reverse mortgage. They will no longer be required to pay a monthly mortgage as long as they, or their spouse, live in their home and keep the loan in good standing.

The amount that they will get will be based on a number of factors: the age of the youngest owner or eligible non-borrowing spouse, the home’s current market (appraised) value or $726,525, whichever is less, current interest rates, and current charges associated with the loan. They get to decide how they will receive the money--in lump sum payment, monthly cash flow payments, a line of credit, or a combination of the three.

As the trusted mortgage lender Bluffton SC, Fairway Independent Mortgage Corporation’s reverse mortgage lenders will be responsible for guiding the applicant through the entire process. The company reviews the individual’s situation to help determine which reverse mortgage product is right for them. The company will also request all the necessary documents from the applicant. They will be in constant contact with the client until the signing of the closing documents.

Find out more about reverse mortgage through Fairway Independent Mortgage Corporation’s website at www.lowcountryfairway.com. Their office is located at 181 Bluffton Rd., STE B103, Bluffton, SC 29910 and their phone number is 843-757-7552.