Find Reverse Mortgage Specialists in Lexington, SC
Browse reverse mortgage specialists serving Lexington, South Carolina. Contact information and addresses listed below.
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 19 reverse mortgage specialists in Lexington, 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 Lexington Cost?
Typical costs for a reverse mortgage in South Carolina include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. These costs are usually financed into the loan. This is general information and 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 eligibility requirements for a reverse mortgage in Lexington South Carolina?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. South Carolina does not impose additional state level requirements beyond federal HECM rules.
How does South Carolina law affect reverse mortgage proceeds?
South Carolina exempts reverse mortgage proceeds from state income tax. The funds are considered loan advances not income. Borrowers must continue to pay property taxes and homeowners insurance to avoid default.
What happens to the reverse mortgage when the borrower dies or moves out in South Carolina?
The loan becomes due when the last borrower dies sells or permanently leaves the home. Heirs have 30 days to decide to pay off the loan or sell the property. South Carolina law allows heirs a reasonable time to settle the estate without immediate foreclosure.