Reverse Mortgages North Carolina

Longbridge Financial is proud to be a top-rated reverse mortgage lender in North Carolina with an A+ rating from the Better Business Bureau. Our Charlotte reverse mortgage office is located at 4601 Park Road, Suite 500, Charlotte, NC 28209. Our team of reverse mortgage loan experts can be reached by calling (855) 523-4326. 

Longbridge Financial is a HUD approved reverse mortgage provider offering both Home Equity Conversion Mortgages (HECMs) and Jumbo Reverse Mortgages (Longbridge Platinum). HECM loans are available to North Carolinian homeowners aged 62 and older, and our Jumbo Reverse Mortgage, Longbridge Platinum, is available for those with higher home values. 

Top 5 Questions About North Carolina Reverse Mortgages

The laws governing reverse mortgages are overseen by the U.S. Department of Housing and Urban Development (HUD). As with any state, reverse mortgage applicants in North Carolina must be at least 62 years of age, own their home outright (or have it paid-down a considerable amount), have no federal debt delinquencies, live in the home as their primary residence, and be financially able to stay current on property taxes, homeowners’ insurance, and any applicable HOA fees.

Longbridge Financial offers two reverse mortgage programs for North Carolina residents. Those seeking the traditional option may qualify for a Home Equity Conversion Mortgage (HECM) if they are aged 62 or older. Residents with high-value homes or condos might want to consider the Longbridge Platinum program. This “jumbo reverse mortgage” could allow you to access greater reverse mortgage funds than a traditional HECM.

The FHA labels four types of housing as eligible for a HECM reverse mortgage in North Carolina. These include single family homes (or 2-to-4-unit homes with one unit occupied by the borrower), HUD-approved condominium projects, manufactured homes meeting FHA requirements, and individual condominium units meeting FHA Single Unit Approved requirements.

A Longbridge Financial reverse mortgage loan officer will review the current market value of your home and any liens which may be on the property. They can then calculate your home’s equity and determine whether or not a reverse mortgage is a good option for your situation.

This is the top question we are asked every day. When applying for a reverse mortgage, homeowners generally have an idea or specific need in mind. While some opt to use funds to enhance their retirement via travel or recreation, others simply want the security that comes with having larger nest egg. Whatever your reason, you’ll be happy to know that in 2022 the U.S. government has raised the lending limit to $970,800. With the median North Carolina home valued at over $280,000, many retirees will find they have ample equity available to supplement their retirement income.

Seniors in North Carolina

The 2021 U.S. census places the population of North Carolina at 10,551,162 with 1.76 million (16.7%) of their citizens aged 65 and older. With roughly 54 million adults aged 65 and older in the United States today, North Carolinians make up 2.7% of this demographic. 

For those choosing to retire in North Carolina, whether native or transplant, there are plenty of benefits to take advantage of – the biggest of which being the tax benefits. North Carolina does not charge tax on Social Security Income, something important for most retirees. There is also no State Estate Tax. For seniors looking to start a small business, they will find a very low corporate income tax in North Carolina. Lastly, North Carolina also offers homestead tax breaks for residents 65 and above, providing additional tax savings for retirees.

How Retired North Carolinians Use Reverse Mortgage Proceeds

Since money from a reverse mortgage comes from your home’s equity, it can be used to pay for anything you wish. With no limits or restrictions on how you can use the money, the possibilities are endless. Check out some of these most common ways retirees use reverse mortgage proceeds1.

  • Paying Bills

    Everyone could use some extra money to pay bills – especially with today’s soaring inflation rates. Since there are no monthly mortgage payments required2 on a reverse mortgage, you can eliminate that large monthly payment and redirect the funds toward other things, like everyday expenses, credit card balances, bills, and other debts.

  • Home Improvements

    With more and more seniors expressing their desire to ‘age in place’ and hunker down in their current home well into retirement years, you may find your home in need of some updates. Whether it be a fresh coat of paint to a full room remodel, or small modifications to make mobility easier in the future – these improvements come at a cost. Reverse mortgage funds can make it easier to afford these upgrades while improving your qualify of life. After all, there’s no place like home – especially in the great Tar Heel state!

  • Helping Loved Ones

    Funds received from a reverse mortgage do not need to be spent on yourself – several seniors opt to use some of the money to help friends and family members with significant expenses. From buying a home to paying for college tuition, funds can be used to help cover any major expenses.

  • Planning for the Future

     Nobody knows what the future will bring – but a reverse mortgage can help you prepare. By establishing a reverse mortgage line of credit, seniors can be better equipped to handle an unforeseen expense or finance long-term care. It’s all about creating a financial “safety net” to provide peace-of-mind today – as well as financial protection in the future.

Why Retire in North Carolina?

People retiring in the Tar Heel State are pleased that weather-wise, North Carolina has the great climate the south is known for, while still offering four distinct seasons. During the summer months, seniors in North Carolina can enjoy over 300 miles of beaches, each with their own distinct elements. In autumn, the fall foliage is truly something to behold throughout the Blue Ridge Mountains. Winter lovers can also ski and snowboard these same mountains, often as early as November. And along with warmer weather, spring also brings several popular festivals like MerleFest, Dreamville Festival, and Spring Fest.

If the senior-friendly taxes and incredible weather weren’t reasons enough to retire in North Carolina, the state also boasts a cost of living nearly 10% lower than the national average. Retirees on a fixed income will typically find the biggest savings across housing, transportation, and groceries.

North Carolina Retirement Housing

Retirees will be happy to discover ample housing options in North Carolina. Whether you’re a native North Carolinian who just wants to downsize in retirement or are moving to the state for the first time, chances are you won’t be short of options in this real estate market. From luxurious condos on the water, to cozy cabins in the mountains, to single-family homes in active adult communities, the state’s diverse neighborhoods are sure to offer the retirement haven you long for.

Speaking of active adult communities, many retirees opt to reside in these neighborhoods in retirement because of the incredible features they offer. These 55+ neighborhoods are far different from those of the past and shouldn’t be confused with nursing homes or assisted living facilities. The main draw of these age-restricted neighborhoods is that they offer independent living facilities, while enabling retirees to enjoy a more maintenance-free lifestyle. Many retirees also appreciate the social aspect which can come with such communities including planned group activities, social functions, shared neighborhood amenities, and much more.

Entertainment in North Carolina

North Carolina is one of the most popular states to travel to for weekend getaways and vacations alike. In-state travel is also extremely popular among its 10.55 million residents. Some of the most prominent travel destinations in North Carolina include:

  1. The Outer Banks

    These gorgeous barrier islands stretch for 175 miles along the Atlantic coast of North Carolina. Known for their beautiful beaches, the Outer Banks attract vacationers from around the U.S. One of the main draws of this area is the absence of any large cities, just 100+ miles of pristine shoreline as far as the eye can see. Known locally as OBX, retirees can enjoy coastal fishing, birdwatching, visiting one of the many museums or lighthouses, dining, shopping, and so much more. Get a first-hand look at local conditions now by viewing one of their live webcams.
  2. Downhill skiing

    Active seniors who want to hit the slopes will have the time of their lives in North Carolina. The state showcases six ski resorts, each offering their own unique hills and trails. Sugar Mountain takes full advantage of an average annual snowfall of 78 inches with 22 slopes spanning 115 acres of skiable playland. Beech Mountain is a long-time favorite of locals which opened in 1967 and has a peak elevation of 5,506 feet. Wolf Ridge in Mars Hill, NC sits just 30 minutes north of Asheville and features 72 skiable acres. Cataloochee in Maggie Valley NC is a bit smaller at 50 acres but is still an incredible resort. Appalachian Ski Mountain (originally known as Blowing Rock Ski Lodge) is the second oldest in the state and has 12 slopes. Last but not least is Sapphire Valley which is the smallest but also has an incredible a tube park featuring a 60-foot vertical drop over its 500-foot run.
  3. History at every turn

    North Carolina is a history lover’s dream and is teeming with historically significant sites to visit! A small hill on the Outer Banks became a place that changed the entire course of humanity on December 17, 1903, when Wilbur and Orville Wright achieved the first successful airplane flight. Kitty Hawk is an incredibly significant site that you won’t want to miss. Today the area has been transformed into the Wright Brothers National Memorial and is part of the National Park System. American history buffs will find Civil War sites throughout the state from Fort Fisher and the Bentonville Battlefield to Bennett Place and Fort Anderson.
  4. Chimney Rock

    One of the most recognizable natural landmarks for early travelers, Chimney Rock rises 1,096 feet into the sky and is visited by more than 17 million people annually. This picture-perfect experience has something for everyone and is known for its one-of-a-kind views and spectacular hiking trails. Retirees with mobility difficulties can also have a wonderful time as an elevator is available for easy access to the top.
  5. Blue Ridge Parkway

    Dubbed “America’s favorite drive,” the Blue Ridge Parkway is noted for its scenic beauty and is especially popular for retirees who love seeing the countryside by RV. Originally named the Appalachian Scenic Highway, the parkway was heavily influenced by Stanley Abbott who signed onto the project in December 1933. Abbott helped design how the Blue Ridge Parkway wound its way through the mountains. He was known as saying the road should “lie easily on the ground, blend harmoniously with the topography, and appear as if it had grown out of the soil.” Were it not for his efforts the scenic road may not be what it is today.

Funding your North Carolina Retirement

As the saying goes, ‘nothing in life is free’ – and while there is plenty for retirees to do in North Carolina, they’ll likely come at a cost. Many seniors today find themselves in a situation where, although they’ve saved enough to cover the necessities, they lack the income to live out their retirement dreams to the fullest. To supplement this income, some choose to get a part-time job. On the other hand, others prioritize reducing their expenses and try to downsize as much as possible. If neither of these options appeal to you, perhaps you should consider tapping into your home equity with a reverse mortgage. 

By converting a portion of your home’s equity into cash, you’ll be able to supplement retirement income and access an additional source of cash flow. The amount of proceeds you can qualify for is dependent upon several factors. You can read about some of them in our article, here.

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Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for an appraisal credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This offer is not available for Home Equity Conversion Mortgage for purchase transactions. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferrable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.

  1. The loan balance increases over time as interest on the loan and fees accumulate.

  2. Real estate taxes, homeowners insurance, and property maintenance required.