I’m Travis Buis, a loan officer with Elite Home Lending in Myrtle Beach. The Grand Strand is full of people who retired here with far more equity than income. That’s exactly who a reverse mortgage in Myrtle Beach was built for.

It’s also the product I’m most careful explaining, because the details decide whether it helps or hurts.

What is a reverse mortgage?

It’s a loan against your home’s equity that doesn’t require monthly mortgage payments. Instead, the balance grows over time. It gets repaid when you sell, move out for good, or pass away.

Put simply, the equity is real, but you can’t spend a house. A reverse mortgage lets you draw on it without selling.

What types of reverse mortgages are there?

• HECM. The Home Equity Conversion Mortgage is insured by the FHA and is by far the most common type.
• Proprietary. Private loans, sometimes used for higher-value homes.
• Single-purpose. Offered by some local agencies and nonprofits for one specific use, such as repairs or property taxes.

Who qualifies for a reverse mortgage?

For a HECM, the main rules are straightforward.

• You’re at least 62.
• The home is your primary residence.
• You have substantial equity in it.
• You complete a counseling session with a HUD-approved counselor before you apply.

There’s also a financial assessment. The lender checks that you can keep paying property taxes, insurance and upkeep. If that looks tight, part of the loan may be set aside to cover those costs.

How can you take the money?

You can take it as a lump sum, as monthly payments, as a line of credit you draw on when needed, or as a mix. The right choice depends on what the money is for, and it’s worth getting that part right.

What do you still have to pay?

This is the part that matters most, and it’s where people get into trouble. Skipping the mortgage payment doesn’t skip everything else. You still pay property taxes, homeowners insurance and upkeep on the home.

On this coast, that’s a bigger commitment than it sounds. Wind, hail and flood premiums are substantial, and they change over time. Falling behind on them can put the loan in default, which is the very outcome this loan was meant to prevent. So plan for coastal insurance rising, not holding steady.

Who is a reverse mortgage in Myrtle Beach right for?

An older homeowner with real equity, a fixed income and a firm plan to stay put. It doesn’t suit someone who might move within a few years, because the setup costs won’t pay off over a short stretch.

Bring your family into the conversation too. A reverse mortgage affects what’s left in the estate, and the people it surprises later are usually adult children nobody told. Talk to your CPA or attorney about the tax and estate side before you commit.

If you’d rather borrow against equity and keep making payments, compare a HELOC first. Either way, get in touch and I’ll walk you through both without pushing you toward either.

Reverse mortgage FAQ

How old do you have to be for a reverse mortgage?

For a HECM, the most common type, at least 62. The home also has to be your primary residence.

Do you still pay property taxes with a reverse mortgage?

Yes. You still pay property taxes, homeowners insurance and upkeep. Falling behind on them can put the loan in default.

When does a reverse mortgage get paid back?

When you sell the home, move out for good, or pass away. The home’s sale usually repays it.

Is a reverse mortgage a good idea?

It can be for an older owner with real equity who plans to stay put. It’s a poor fit if you might move within a few years.