Understanding South Carolina Reverse Mortgage Requirements

Who are South Carolina reverse mortgages for? Well, they aren’t for everybody. But if you are reading this then there’s a good chance that you are one of the people that a reverse mortgage was created to help. A reverse mortgage is a type of loan that allows you to avoid making any more mortgage payments while also giving you access to the equity in your home.

Want to learn more? Click here to get free information about a reverse mortgage!

A Reverse Mortgage Is For People 62 Or Older Who Owe Little Or Nothing On Their Home

First of all, a reverse mortgage is meant for people that are 62 or older. If you are under 62 then you won’t qualify. Reverse mortgages are also meant for people that either owes nothing on their home, or that owe little on their home. You need to have a good amount of equity in your home if you want to qualify for a reverse mortgage.

South Carolina Reverse Mortgages Are For People That Live In Their Home And Plan To Stay There For A Good Amount Of Time

If you want to qualify for a reverse mortgage you must live in your home. So if you are planning on moving anytime soon then you shouldn’t get a reverse mortgage. A reverse mortgage is meant to alleviate your financial problems while still allowing you to remain in the home that you love.

A Reverse Mortgage Is For People That Want To Own Their Home But Still Be Able To Use The Equity In It

When you get a reverse mortgage you get access to all of that equity you have spent your entire life building up. Now, you could always sell your home to get access to all of that money, but that means that you will no longer be able to stay in a home that you have probably lived in for a good portion of your life. A home that your children probably grew up in, and one that you may one day leave to them. With a reverse mortgage, you keep your home, you stay in it as long as you want to, and you still get access to all of that wonderful equity.

A Reverse Mortgage Is For People in SC That Want To Enjoy Life

Most importantly a reverse mortgage is meant for people that want to enjoy their golden years. You’ve worked hard your entire life so why shouldn’t you be able to enjoy yourself when you retire. Why should you have to worry about making mortgage payments, or trying to struggle to pay off debt? Why shouldn’t you be able to travel and do the things you’ve waited a lifetime to be able to do?

A reverse mortgage unlocks the equity in your home while eliminating your monthly payments. This will probably give you access to more cash than you’ve ever had access to in your entire life. That means that anything you’ve put off doing because of the cost shouldn’t a concern anymore. A reverse mortgage will enable you to live your golden years the way that you deserve to live them.

Want to learn more? Click here to get free information about a reverse mortgage in South Carolina!

Biggest Reverse Mortgage Lenders in SC

Lender Loans Total Principal Limit
WELLS FARGO 2,302 439,912,610
AMERICAN ADVISORS GROUP 1,934 388,276,560
ONE REVERSE MORTGAGE LLC 1,208 213,777,846
BANK OF AMERICA 587 120,953,275
FRANKLIN FUNDING INC 399 78,603,974
FINANCIAL FREEDOM SENIOR FUNDING CORP 390 57,889,205
METLIFE BANK NATIONAL ASSOCIATION 344 71,249,094
TOWNEBANK 313 99,077,694
SUCCESS MORTGAGE PARTNERS INC 290 87,126,498
FINANCE OF AMERICA REVERSE LLC 276 63,725,518
LIBERTY HOME EQUITY SOLUTIONS INC 273 55,264,003
REVERSE MORTGAGE SOLUTIONS INC 262 56,403,975
SYNERGY ONE LENDING INC. 251 71,265,537
REVERSE MORTGAGE FUNDING LLC 240 68,406,029
FIRST CITIZENS BANK AND TR CO 237 27,382,101
GENERATION MORTGAGE COMPANY 202 39,788,746
WORLD ALLIANCE FINANCIAL CORP. 184 29,515,256
REVERSE MORTGAGE USA INC 181 27,423,900
MUTUAL OF OMAHA MORTGAGE INC. 163 59,018,472
HARVARD HOME MORTGAGE INC 153 24,558,100

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,741 354,981,670
ONE REVERSE MORTGAGE LLC 629 123,206,125
TOWNEBANK 310 98,762,694
LIBERTY HOME EQUITY SOLUTIONS INC 259 51,992,100
REVERSE MORTGAGE SOLUTIONS INC 253 55,204,975
SYNERGY ONE LENDING INC. 251 71,265,537
REVERSE MORTGAGE FUNDING LLC 240 68,406,029
SUCCESS MORTGAGE PARTNERS INC 231 69,503,517
FINANCE OF AMERICA REVERSE LLC 211 53,806,018
MUTUAL OF OMAHA MORTGAGE INC. 163 59,018,472

South Carolina Reverse Mortgage Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.88% 5.17%
2019-02-01 4.75% 5.10%
2019-03-01 4.70% 4.84%
2019-04-01 NA 4.91%
2019-05-01 4.75% 4.80%
2019-06-01 NA 4.64%
2019-07-01 4.81% 4.53%
2019-08-01 4.87% 4.35%
2019-09-01 4.62% 4.00%
2019-10-01 4.31% 4.53%
2019-11-01 4.81% 4.26%
2019-12-01 NA 4.25%
2020-01-01 NA 4.09%
2020-02-01 NA 4.05%
2020-03-01 NA 3.92%
2020-04-01 4.56% 3.75%
2020-05-01 4.81% 3.66%
2020-06-01 NA 3.37%
2020-07-01 3.66% 3.16%
2020-08-01 3.81% 2.98%
2020-09-01 NA 3.01%
2020-10-01 3.52% 3.03%
2020-11-01 3.35% 2.82%
2020-12-01 3.43% 2.93%
2021-01-01 3.35% 2.82%
2021-02-01 3.62% 2.79%
2021-03-01 3.65% 2.61%
2021-04-01 3.34% 2.50%
2021-05-01 3.62% 2.36%
2021-06-01 3.40% 2.29%
2021-07-01 3.40% 2.14%
2021-08-01 3.96% 2.25%
2021-09-01 3.39% 2.18%
2021-10-01 2.50% 2.27%
2021-11-01 3.42% 2.22%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.88% 3.58%
2016-02-01 4.89% 3.78%
2016-03-01 4.89% 3.86%
2016-04-01 4.93% 3.91%
2016-05-01 4.70% 4.01%
2016-06-01 4.97% 4.10%
2016-07-01 4.80% 4.16%
2016-08-01 4.85% 4.30%
2016-09-01 4.86% 4.41%
2016-10-01 4.82% 4.50%
2016-11-01 4.81% 4.72%
2016-12-01 4.89% 4.73%
2017-01-01 4.87% 4.79%
2017-02-01 4.82% 4.75%
2017-03-01 4.93% 4.51%
2017-04-01 4.92% 4.52%
2017-05-01 4.89% 4.64%
2017-06-01 4.89% 4.43%
2017-07-01 4.86% 4.41%
2017-08-01 4.95% 4.53%
2017-09-01 5.00% 4.47%
2017-10-01 4.95% 4.53%
2017-11-01 4.91% 4.60%
2017-12-01 4.92% 4.68%
2018-01-01 4.78% 4.66%
2018-02-01 4.72% 4.64%
2018-03-01 4.74% 4.71%
2018-04-01 4.50% 4.72%
2018-05-01 4.74% 4.88%
2018-06-01 4.69% 4.74%
2018-07-01 4.68% 4.87%
2018-08-01 4.70% 4.71%
2018-09-01 4.64% 4.76%
2018-10-01 4.61% 4.74%
2018-11-01 4.62% 5.03%
2018-12-01 4.68% 4.99%

Top Cities in South Carolina by Total HECM Loans Originated

Rank City Zip Total
1 CHARLESTON 29407 974
2 COLUMBIA 29206 733
3 GREENVILLE 29605 706
4 BLUFFTON 29910 550
5 MYRTLE BEACH 29577 525
6 SUMMERVILLE 29483 502
7 MOUNT PLEASANT 29464 412
8 AIKEN 29801 302
9 ANDERSON 29621 289
10 NORTH CHARLESTON 29405 273
11 SPARTANBURG 29303 258
12 MURRELLS INLET 29576 254
13 ROCK HILL 29732 241
14 FLORENCE 29505 240
15 BEAUFORT 29902 234
16 EASLEY 29642 225
17 SUMTER 29150 223
18 GREER 29651 220
19 CONWAY 29526 218
20 FORT MILL 29715 211
21 SIMPSONVILLE 29681 196
22 LEXINGTON 29072 173
23 LITTLE RIVER 29566 171
24 GOOSE CREEK 29445 169
25 WEST COLUMBIA 29170 137
26 LANCASTER 29720 137
27 HILTON HEAD ISLAN 29926 131
28 HILTON HEAD ISLAND 29926 131
29 ORANGEBURG 29115 129
30 NORTH AUGUSTA 29841 127

Want to learn more? Click here to get free information about a reverse mortgage in SC!

HECM Housing Counselors Near Me

CCCS OF SAVANNAH AREA, INC.-BEAUFORT, SC
69 ROBERT SMALLS PARKWAY, STE. 2B BEAUFORT, SC 29906-4273
(843) 379-2227
www.cccssavannah.org

CCCS/FAMILY SERVICES INC. NORTH CHARLESTON, SC
4925 LACROSS RD STE 215 NORTH CHARLESTON, SC 29406-6513
(843) 735-7802
http://www.originsc.org

CONSUMER EDUCATION SERVICES, INC.
102 STANDARD WAREHOUSE ROAD LUGOFF, SC 29078-9670

CREDIT.ORG – COLUMBIA
1320 MAIN ST STE 300 COLUMBIA, SC 29201-3266
(855) 736-7798

Home

GREENVILLE COUNTY HUMAN RELATIONS COMMISSION
301 UNIVERSITY RIDGE SUITE 1600 GREENVILLE, SC 29601-3636
(864) 467-7095
https://www.greenvillecounty.org/HumanRelations/

Find Information in Other States