Charleston's #1 Reverse Mortgage

We are proud to be South Carolina's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage, Inc. (ARLO™) lends in 16 states nationwide, including Charleston, SC.

All Reverse began in 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is the residential reverse mortgage loan.

We offer reverse mortgages to Charleston homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage, Inc. (ARLO™) is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.

Charleston Reverse Mortgage Facts

HUD Approved Direct Lenders

All Reverse Mortgage Inc. (ARLO™) are approved lenders with HUD (Department of Housing and Urban Development) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.

All Reverse Mortgage originates in Charleston and closes both refinance loans where borrowers already own their home and are looking either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan or possibly a combination of both.

About All Reverse Mortgage

The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer much lower Principal Limits as they relate to values though so not all borrowers are better served with the jumbo programs.

Only a seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.

Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of the existing mortgage payments to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their family home, but to plan for the future as well.

First colonized by English settlers in the late 17th century, the settlement was originally named "Charles Town" in honor of King Charles II, and originally located at lbemarle Point on the west bank of the Ashley River. That location was abandoned by 1680 for its current location, and within 10 years the new city became the fifth largest on the North American continent.

The earliest foundations of the city’s size and wealth were granted largely by its prominent position in the trade of enslaved people, and the city name’s current spelling of "Charleston" was adopted after its formal incorporation in 1783 after the conclusion to the American Revolutionary War. Much of the next century saw Charleston expand its manufacturing sector, particularly after the creation of the cotton gin, which led to the opening of several slave-based plantations.

With much of its economy based around the slave trade, South Carolina became the very first state to formally secede from the Union after the election of Abraham Lincoln to the Presidency of the United States just one month after the election. South Carolina was instrumental in establishing the Confederate States of America, and joined into open rebellion against the Union following an attack on Fort Sumter (located in Charleston). It was that attack which initiated the American Civil War.

During the war, Charleston was often a target of Union forces due to its importance as an Atlantic Ocean port city, but was not evacuated by the Confederacy and retaken by the Union until February of 1865, just two months prior to the end of the war and the assassination of President Lincoln. The first Union soldiers to enter the city after its Confederate evacuation were members of the 21st Infantry Regiment and the 55th Massachusetts Infantry, regiments made up of Black Americans.

With federal troops remaining in the city during post-war Reconstruction, Charleston experienced languishing prosperity until an influx of freedmen and new industry helped restore a degree of economic vitality to the beleaguered city. Economic and social changes caused some violence to break out, but Charleston was largely peaceful in comparison with other formerly Confederate communities following the end of the Civil War. One of the biggest threats to emerge for Charleston after the war was an earthquake in 1886, which had an estimated force of 7.0 on the Richter scale and that nearly destroyed the city.

This led to a period of economic languish for several decades in the 20th century, but a continued military presence and an emerging arts culture helped to bring the community back to a degree of prosperity. Its wearwithall has been tested, however, from global occurrences like the end of the Cold War affecting the city’s military presence, as well as by natural disasters that have afflicted the city. In response to Charleston’s history and a 2015 shooting that took place at an historic Black church, in June of 2018 the City Council formally apologized for Charleston’s role in the slave trade, and injustices suffered by African-Americans through slavery and Jim Crow laws.

While a modestly-sized city by modern standards owing to its 2018 estimated population of just under 140,000 people, Charleston is home vibrant musical and dramatic arts scene. It features several annual cultural events and fairs, a rich and foundational history in American jazz music, and multiple theaters featuring live performance art.

There are no less than 24 historic sites and museums telling the story of the city’s legacy, celebrating its triumphs, while also frankly and unflinchingly discussing its roles prior to and during the Civil War. As a result, a significant portion of modern Charleston’s economy comes from tourist dollars, with a plethora of hotels and inns allowing nearby lodging to the vibrant and popular historic district.

Charleston is also becoming a vibrant community for tech companies, and in 2013 the Milken Institute ranked the Charleston region as the ninth-best performing economy in the US because of its growing sector dedicated to information technology (IT).

Twelve percent of Charleston’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Charleston’s senior population, 71 percent (accounting for more than 7,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Charleston their long-term home.

Thousands of the senior households in Charleston may be eligible to obtain a reverse mortgage. Several of these older homeowners have already done their research and begun using reverse mortgages to support their retirement needs.

Compared with the average home price in South Carolina, Charleston’s median home price is greater than the rest of the state at $423,655, according to the Zillow Home Value Index.

Some homes in Charleston may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,149,825, you may still be able to tap into your home equity with the help of a reverse mortgage.

If you're a homeowner who fits this description and you're interested in using a reverse mortgage to supplement your retirement, you might want to consider a jumbo reverse mortgage, from which you may be able to access a greater portion of your home equity than you otherwise would with a FHA-insured HECM loan.

Reverse mortgages might not be the perfect solution for every homeowner, but depending on your particular situation, a HECM could be something to consider as you approach your retirement years.

If you reside in Charleston All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions. Access our online reverse mortgage calculator to estimate your reverse mortgage lending limit or call usToll Free(800) 565-1722

Top 3 Lender Resources in SC:
Top 10 Lender Reviews & Ratings
Reversemortgage.org NRMLA Members in South Carolina: https://www.reversemortgage.org/Find-a-Lender/state/SC
HUD.GOV Lenders: HUD.GOV Approved Lenders Search