In the early morning hours of December 22, 2015, a local Greenville County resident completed a Reverse Mortgage Application via Liberty Home Equity Solutions, Inc. Due to the fact that South Carolina is an Attorney State, notaries public cannot attend, or in other words, close on the final side of a Reverse Mortgage AKA Home Equity Conversion Mortgage.
A Home Equity Conversion Mortgage allows a homeowner 62 years of age or older (and their spouse) to borrow against the equity in their home. The taxes and insurance must be paid by the homeowner. In some instances, the homeowner may decide to have these paid by the proceeds of the loan.
For more information on Home Equity Conversion Mortgages, you can visit the Consumer Information Site.