Compare South Carolina's Best Reverse Mortgages
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Top 10 Reverse Mortgage Lenders in South Carolina
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|All Reverse Mortgage, Inc. (ARLO)||15||A+||4.9||99%||1||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||50%||8||Source|
|One Reverse Mortgage, LLC (QUICKEN)
|Liberty Home Equity Solutions, Inc. (OCWEN)||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||60%||2||Source|
|Finance of America Reverse LLC (FAR)||15||A+||1.0||20%||2||Source|
All Reverse Mortgage® is proud to be South Carolina's #1 Rated Reverse Mortgage Lender celebrating 16 years of excellence. We are the only SC company awarded an A+ Rating by the BBB with perfect 5-Star Reviews.
Since we started in 2004, our goal has remained simple: to offer the best terms with unbeatable customer service.
Compare our competitive rates and lower costs to any competitor and realize thousands more from your home’s equity!
The difference is clear, and we can’t wait to show you!
South Carolina Reverse Mortgage Facts
Top 10 Reverse Mortgage Cities in South Carolina by MCA (April 2020)
|North Myrtle Beach|
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in South Carolina||Avg. Home Value|
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) 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 South Carolina and closes both refinance loans, where borrowers already own their home and are looking to 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® of South Carolina
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 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 as well.
South Carolina Lending Limits
“The Palmetto State” has a population of 5,148,714 and is home to one of the lowest property tax rates in the country.
The median home value in South Carolina is $161,800, which is much lower than the HECM reverse mortgage lending limit of $822,375.
Originally settled by Europeans in the 1500s by the Spanish, the land that would become South Carolina was first settled by British colonists the following century and was split off into South Carolina from its northern counterpart in 1729. In March of 1776, the colony adopted the Constitution of South Carolina, and joined the new United States after its separation from Great Britain was codified by the writing of the Declaration of Independence that July.
Nearly a third of the combat that took place during the Revolutionary War took place across South Carolina, more than any other state. After the war and throughout the Antebellum period, South Carolina became dominated by cotton particularly after the invention of the cotton gin, and consequently much of the state’s economy was held up by the labor of enslaved people. Upon the election of Abraham Lincoln to the Presidency of the United States in 1860, Lincoln’s abolitionist positions were met with strong opposition across the state, and led to South Carolina becoming the first state to secede from the Union and form the Confederate States of America. With insurgent Confederate batteries shelling Fort Sumter in Charleston Harbor, the American Civil War was ignited.
Unlike in the Revolutionary War, South Carolina was not a major battleground during the Civil War but did not escape the war’s economic devastation of the Confederacy. After the Union’s final victory in the war, it took an additional four years for South Carolina’s representation to be restored in the U.S. legislative branch.
In the 20th century, the state carved a niche for itself as a powerhouse in the textile industry, and the economy has emerged as an attractive one for major businesses due to the very low corporate tax rate in the state. Boeing opened an aircraft manufacturing plant in Charleston in 2011.
The state is also known as being the country’s leading peach producer and distributor east of the Mississippi River. To celebrate its many peaches, South Carolina holds a peach festival each year in the city of Gaffney. The festival has been around for decades and involves a parade, car show, road race, dog show, talent show, dessert contest, and of course, a peach eating contest.
South Carolina is divided into three areas: the Atlantic coastal plain, the Piedmont region and the Blue Ridge Mountains. The state has several major lakes that cover more than 683 square miles. Some of the lakes are: Lake Marion, Clarks Hill Lake, Lake Moultrie, Lake Hartwell and Russell Lake.
South Carolina’s economy comprises many agricultural products, as the climate for agriculture in the state is ideal. Some of the state’s major outputs include tobacco, poultry, cattle, dairy products, soybeans, hay, rice and swine.
Currently, the average home value in South Carolina is $190,594 and values are expected to fall in the next year due to the widespread impact of the COVID-19 pandemic.
If you reside in South Carolina, All Reverse Mortgage® is here to answer your questions.
South Carolina Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Address||Website||Agency ID||Languages|
|GREENVILLE COUNTY HUMAN RELATIONS COMMISSION||864-467-7095||301 University Ridge|
GREENVILLE, South Carolina 29601-3636
|CCCS/FAMILY SERVICES INC.||843-735-7802||4925 Lacross Rd Ste 215|
North Charleston, SC
North Charleston, SC 29406
North Charleston, South Carolina 29406-6513
Did you know? South Carolina state does not mandate in-person counsleing. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Reversemortgage.org NRMLA Members in SC: https://www.reversemortgage.org/Find-a-Lender/state/SC
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued South Carolina homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our competitive rates that you won't find elsewhere:
|Exclusive 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Plans|
|ZERO Financed Closing Cost Plans|
|ZERO Monthly Servicing Fees on ALL programs|
How can we offer you more favorable terms?We are a direct lender approved by FHA (Federal Housing Administration) The HECM is literally all we do. All Reverse Mortgage is not just a name for us. We have a very low (almost non-existent) staff turnover and our people are experts. We don't work with Brokers, allowing us to pass the savings on to you. We don't hire "celebrity" spokespersons as we don't believe you should have to pay for a lender's expensive marketing budget with higher loan costs. We Charge Less! Check out our competition and our customer ratings. We never forget that this loan is about you and your needs and we put you first with superior service and lower costs.
All Reverse vs. the others
HUD approved direct lender.
Working with a local South Carolina lender saves you time and money.
As an award-winning direct lender our goal remains simple; to offer you the very best terms accompanied by extraordinary customer service.
What Our Customers Are Saying
|"There was no car salesman type of protracted negotiation. All reverse got right down to a good quote without a series of incremental steps."|
|"I was surprised how easy it was to deal with an out of state company. Actually it was much easier than my previous dealings with local banks and brokers"|
|"It is a wonderful feeling to have no mortgage and extra cash in our pocket. We are very happy."|
|"Thank you to All Reverse for handling everything in an efficient and smooth way. Thoroughly appreciate everything you have done to make things easy for me."|
|"This was the smoothest mortgage process I have ever experienced! And so fast!"|