Blogs in Real Estate

Yes you can still own a slice of heaven on Hilton Head Island, SC

The almighty smiled when he created this tiny island paradise off the coast of South Carolina. So much to do and enjoy! Here is just a sample:

Vacation: A family Mecca to enjoy so many entertaining things to make mom, dad and the kids smile – swimming in the Atlantic ocean, playing tennis, golf or riding horses – or even cycling on our outstanding beaches. For the fisherman or boaters – we can handle that too!

Shopping: Oh wow – will the ladies be happy – enough outlets to handle any rainy days – if we have any rainy days.

Retirement: Another wow – great health care, classic entertainment, the arts – you name it – all within a 10 minute commute - all this along with phenomenal dining. Don’t forget the grandkids!

Investment: Needless to say, investing in paradise will always deliver a great return. W have condos, time shares, town houses, building lots and all kinds and shapes of houses ranging from 150 to the multi-millions – water real estate being the most expensive, but the very best investment. click here for a Hilton Head Waterfront Lot to invest in.

The South is beckoning. Come on down and take a peek. Discover for yourself why we think this is a part of paradise.

Real estate lot (FOR SALE BY OWNER) in paradise near the ocean, pool, golf, tennis, fishing, boating dock. Crosswinds Plantation and Hilton Head have it all.

For Sale By Owner  – Hilton Head Island Water Front Lot Motivated Seller 

Reverse Mortgages Aren’t Perfect

        Everyone may find that he or she needs a reverse mortgage at sometime or the other to fulfill some pressing requirement. These requirements could range from making home improvements to buying a new car to putting your child in the best college. With reverse mortgage, the money a person gets hold off can be spent in whichever way he likes. And many a times, this equity need not even be paid back. Also, the process of acquiring a reverse mortgage is simple and quick and no employment or credit certifications are required to complete the reverse mortgage transaction. Thus, the advantages offered by reverse mortgage are so many that the concept has gained popularity in the loan business.

But every coin has two sides and reverse mortgage has some shortcomings. There are some precautions which need to be taken while going for reverse mortgage.

In case of death or moving out of the owner of the home, the house has to be sold to pay for the mortgage and the mortgage has to be paid in lump sum. But if the heirs or the homeowners are interested in keeping their hold on the house, payment on the house has to be made before the due date of the mortgage. Thus, the homeowners have to decide between paying the mortgage and keeping the home or selling it off.

Over and above, a two percent fee is levied on an insurance premium. Plus, another two percent is taken away as loan origination fee. Standard closing costs are also levied. Thus, if you take a $200,000 loan you can expect to pay about $10,000 as fees associated with the original loan.

When the homeowner already has a mortgage on the home and wants to apply for reverse mortgage, the mortgage value will be first paid off from the money raised by reverse mortgage. Even if personal funds are acquired, the mortgage value is first paid off before handing over the remaining money.

Thus, a reverse mortgage does have certain clauses associated with itself which are known to cause many problems for the customers. When applying for reverse mortgage, it is important to ensure that the right amount of loan is taken according to ones needs. In most cases this would involve checking out several lenders as well as their heirs to make sure that everyone is agreeable with the plan. There are also several other ways in which an individual could save money too. For example there are several local and state governments that offer a reverse mortgage loan at much lower fees and sometimes no fee at all.

A reverse mortgage offers plenty of benefits, But it is always advisable to weigh your own pros and cons before applying for this kind of loan - it’s not right for everyone.