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.

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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 2,150 460,570,623
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
MUTUAL OF OMAHA MORTGAGE INC. 338 130,673,761
TOWNEBANK 313 99,077,694
FINANCE OF AMERICA REVERSE LLC 305 77,956,893
SUCCESS MORTGAGE PARTNERS INC 295 89,578,498
REVERSE MORTGAGE FUNDING LLC 277 84,305,428
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
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
HARVARD HOME MORTGAGE INC 153 24,558,100

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,957 427,275,733
ONE REVERSE MORTGAGE LLC 629 123,206,125
MUTUAL OF OMAHA MORTGAGE INC. 338 130,673,761
TOWNEBANK 310 98,762,694
REVERSE MORTGAGE FUNDING LLC 277 84,305,428
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
FINANCE OF AMERICA REVERSE LLC 240 68,037,393
SUCCESS MORTGAGE PARTNERS INC 236 71,955,517

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%
2021-12-01 3.46% 2.33%
2022-01-01 3.93% 2.33%
2022-02-01 NA 2.50%
2022-03-01 3.89% 3.03%
2022-05-01 3.75% 3.68%
2022-04-01 3.39% 3.22%
2022-06-01 3.93% 4.14%
2022-07-01 5.74% 4.50%
2022-08-01 5.56% 5.13%
2022-09-01 NA 5.79%
2022-10-01 4.68% 6.16%
2022-11-01 NA 6.83%

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 BLUFFTON 29909 439
2 MOUNT PLEASANT 29464 309
3 CHARLESTON 29412 294
4 CHARLESTON 29407 286
5 MURRELLS INLET 29576 275
6 SUMMERVILLE 29483 246
7 MYRTLE BEACH 29588 207
8 CHARLESTON 29414 194
9 AIKEN 29803 189
10 SUMMERVILLE 29485 185
11 LITTLE RIVER 29566 180
12 GOOSE CREEK 29445 180
13 BLUFFTON 29910 170
14 CHARLESTON 29403 168
15 CONWAY 29526 165
16 GREENVILLE 29615 154
17 LANCASTER 29720 148
18 MYRTLE BEACH 29577 144
19 GREER 29651 144
20 SIMPSONVILLE 29681 138
21 ANDERSON 29621 137
22 ROCK HILL 29732 136
23 MYRTLE BEACH 29579 135
24 MOUNT PLEASANT 29466 133
25 TAYLORS 29687 131
26 GREENVILLE 29605 127
27 COLUMBIA 29203 127
28 GREENVILLE 29609 126
29 JOHNS ISLAND 29455 125
30 PAWLEYS ISLAND 29585 123

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

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

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