Let's assume you own your home free and clear or you have a small mortgage. If you are over 62, you can get a new and vastly improved reverse mortgage on your current home and use the proceeds to purchase a Hilton Head Island or Bluffton, South Carolina, home or villa. The best part is that you have no payment EITHER home! 

For example if your existing home is worth $650,000, a local bank here will give you up to $325,000, half the value of your home, as one of these new reverse mortgages. You can then use that $325,000 to purchase a home in the Hilton Head area. Once you move here in two months or two years, you sell your old home and pay off the reverse mortgage. Keep in mind, there is no credit or income verification for a reverse mortgage. 


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