Retiring To Charleston
The Charleston area has become a popular place for retirees from all over the country. Whether you’re looking for a specific retirement community or if you just like the idea of the beautiful weather, proximity to beaches, robust and exciting food scene, and a plethora of festivals and activities, the Charleston area has a lot to offer.
If you’re interested in a specific retirement community here are some options to consider:
Dunes West– Mt Pleasant
Coosaw Creek – North Charleston
Snee Farm– Mt Pleasant
Charleston National– Mt Pleasant
Rivertown – Mt Pleasant
Shadowmoss –West Ashley
Legend Oaks- Summerville
Stono Ferry- Hollywood
Del Webb- Summerville
Some sections of The Ponds- Summerville
The Elms- North Charleston
A section of Dunes West- Mt Pleasant
Part of Dunes West – Mt Pleasant
Ravens Run – Mt Pleasant
Coosaw Creek- North Charleston
Stono Ferry- Hollywood
Penninsula- West Ashley
Palmetto Pointe- Folly Beach
Headquarters Plantation – John’s Island
Charleston Area Golf
If golf, is your sport of choice there are a lot of public and private courses as well as neighborhoods that feature a golf lifestyle.
Planning for retirement and being comfortable with your finances is an important step when making the step to retire.
Taxes- In general, takes are broken down into two brackets. Second homes and investment property are taxed at 6% and primary residents are taxed at 4%. To be eligible for the 4% rate you must qualify and be approved for the 4% Legal Residence exemption. Primary residents also receive some additional tax credits that further reduce your tax bill such as the property tax relief credit, which discounts the school operating tax from your tax bill. Additionally, if you are over 65 years of age, or certified totally and permanently disabled or blind, you may qualify for the Homestead Exemption. Up to the first $50,000 of your home’s appraised value could be totally exempt from taxes.
Reverse mortgages are a unique tool for people over the age of 62 that may want to purchase a new home. We can recommend a loan officer experienced with reverse mortgages who can look at your specific situation and help you determine if a reverse mortgage would be a good fit for you.
Here are a couple highlights of the reverse mortgage:
- Loan does NOT require a monthly mortgage payment.
- With the required down payment you can expand your home price range, including homes you thought you could not afford; including your “dream home”.
- There is no specified loan term or loan maturity. As long as you own and occupy the home as your primary residence, the loan remains in place.
- All you have to pay is the annual property taxes, and annual renewal of your Homeowners Insurance Policy.
- The Reverse Mortgage is a Government Guaranteed loan program.
- Eligible Borrowers 62 years of age and older. No maximum age limit.