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 | 2,206 | 478,671,723 |
| ONE REVERSE MORTGAGE LLC | 1,208 | 213,777,846 |
| BANK OF AMERICA | 587 | 120,953,275 |
| MUTUAL OF OMAHA MORTGAGE INC. | 554 | 220,342,858 |
| FINANCE OF AMERICA REVERSE LLC | 407 | 118,298,317 |
| 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 | 296 | 89,928,498 |
| 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 |
| LONGBRIDGE FINANCIAL LLC | 164 | 60,086,400 |
Since 2012
| Lender | Loans | Total Principal Limit |
|---|---|---|
| AMERICAN ADVISORS GROUP | 2,013 | 445,376,833 |
| ONE REVERSE MORTGAGE LLC | 629 | 123,206,125 |
| MUTUAL OF OMAHA MORTGAGE INC. | 554 | 220,342,858 |
| FINANCE OF AMERICA REVERSE LLC | 342 | 108,378,817 |
| 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 |
| SUCCESS MORTGAGE PARTNERS INC | 237 | 72,305,517 |
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% |
| 2022-12-01 | NA | 6.75% |
| 2023-01-01 | NA | 7.21% |
| 2023-02-01 | NA | 7.17% |
| 2023-03-01 | NA | 7.27% |
| 2023-04-01 | NA | 7.16% |
| 2023-05-01 | NA | 7.21% |
| 2023-06-01 | NA | 7.36% |
| 2023-07-01 | NA | 7.60% |
| 2023-08-01 | NA | 7.82% |
| 2023-09-01 | 6.99% | 7.62% |
| 2023-10-01 | NA | 7.80% |
| 2023-11-01 | NA | 7.80% |
| 2023-12-01 | NA | 7.66% |
| 2024-01-01 | NA | 7.55% |
| 2024-02-01 | NA | 7.35% |
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 | 460 |
| 2 | MOUNT PLEASANT | 29464 | 319 |
| 3 | CHARLESTON | 29412 | 306 |
| 4 | CHARLESTON | 29407 | 298 |
| 5 | MURRELLS INLET | 29576 | 284 |
| 6 | SUMMERVILLE | 29483 | 256 |
| 7 | MYRTLE BEACH | 29588 | 218 |
| 8 | CHARLESTON | 29414 | 201 |
| 9 | SUMMERVILLE | 29485 | 196 |
| 10 | AIKEN | 29803 | 196 |
| 11 | LITTLE RIVER | 29566 | 190 |
| 12 | GOOSE CREEK | 29445 | 188 |
| 13 | BLUFFTON | 29910 | 181 |
| 14 | CONWAY | 29526 | 180 |
| 15 | CHARLESTON | 29403 | 171 |
| 16 | GREENVILLE | 29615 | 162 |
| 17 | LANCASTER | 29720 | 156 |
| 18 | MYRTLE BEACH | 29579 | 153 |
| 19 | MYRTLE BEACH | 29577 | 152 |
| 20 | GREER | 29651 | 149 |
| 21 | SIMPSONVILLE | 29681 | 146 |
| 22 | ROCK HILL | 29732 | 144 |
| 23 | ANDERSON | 29621 | 143 |
| 24 | TAYLORS | 29687 | 140 |
| 25 | MOUNT PLEASANT | 29466 | 138 |
| 26 | GREENVILLE | 29605 | 132 |
| 27 | PAWLEYS ISLAND | 29585 | 132 |
| 28 | COLUMBIA | 29203 | 131 |
| 29 | GREENVILLE | 29609 | 130 |
| 30 | JOHNS ISLAND | 29455 | 130 |
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
http://www.homeownership.org/
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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