If you are a senior citizen seeking affordable housing options, South Carolina HUD may have a resource to help you fulfill your housing needs:
• The Home Equity Conversion Mortgage (HECM) program allows seniors to convert their home equity into cash by using what is commonly called a reverse mortgage. The amount that may be borrowed is based upon the value of the home and the age of the borrower. The borrowed money is then advanced against the value of the home. Interest accrues on the outstanding loan balance, but the mortgage must not be paid until the home is sold or the borrower dies. For more information on HECM, please visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou.
• Public Housing provides safe, decent rental housing to low-income families, the elderly, and persons with disabilities. In this program, HUD administers aid to the local agencies that provide the housing. If you would like to search the HUD database of multifamily units for the elderly and persons with disabilities, please visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/hto/inventorysurvey. To find South Carolina Public Housing, click: http://www.hud.gov/local/sc/working/localpo/pih.cfm .
• The Housing Choice Voucher Program, also known as Section 8, is an assistance program that helps low-income families pay their rent. Section 8 participants are responsible for finding their own housing and contributing a percentage of their income toward the monthly rent. The Section 8 program is then responsible for paying the remainder of the rent to the participant’s landlord. If you would like to search the HUD database of subsidized properties, please visit: http://www.hud.gov/apps/section8/.
To return to the main South Carolina HUD Housing Guide page, click here: South Carolina HUD Housing Guide
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