Reverse Mortgage Specialists in Hilton Head Island, SC
Looking for a reverse mortgage specialist in Hilton Head Island? Review the directory below to compare your options.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of South Carolina before hiring.
Showing 14 reverse mortgage specialists in Hilton Head Island, SC
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a Reverse Mortgage Specialist in Hilton Head Island Cost?
Typical costs for a reverse mortgage in South Carolina include an origination fee up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title search and recording. Closing costs generally range from 2000 to 8000 dollars depending on the property value and loan type. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in South Carolina?
Borrowers must be at least 62 years old. All co-borrowers listed on the title must also meet this age requirement. The home must be the primary residence.
Are reverse mortgage proceeds taxable in South Carolina?
Reverse mortgage proceeds are not considered income by the IRS or South Carolina Department of Revenue. They are loan advances and are tax-free. However interest deductions may apply when the loan is repaid.
What property types qualify for a reverse mortgage in Hilton Head Island?
Single-family homes, HUD-approved condominiums, and manufactured homes that meet FHA standards qualify. The property must be in good condition and pass a FHA appraisal. Two-to-four unit properties may also qualify if the borrower occupies one unit.