South Carolina Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in California and provides lending services around the country. All Reverse began in November 2007 and as the
name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to South Carolina 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® is well positioned to be able to assist borrowers
with all specific needs associated with the reverse mortgage program.
South Carolina Reverse Mortgage Facts
||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®
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 lower Principal Limits as they
relate to home values, though, so not all borrowers are best served with the jumbo programs available.
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 for the future as well.
South Carolina Lending Limits
South Carolina may not be the most populous state, or the largest, but it was the first state to vote to secede from the Union on December 20, 1860.
In addition, it was the eighth state to ratify the U.S. Constitution.
As of 2016 there were almost 5 million people living in South Carolina, 478,109 of whom are homeowners 62 and older. The area is popular
for older adults looking for a mild-weather climate to retire to.
The Palmetto State was named in honor of King Charles I of England, who reigned the area that is now South Carolina when it was an English colony.
The name came from the word Carolus, which is Latin for “Charles”.
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.
In recent years, many large corporations have moved operations to South Carolina, including Boeing, which opened an aircraft manufacturing plant in
Charleston in 2011.
Currently, the average home value in South Carolina is $144,600 and values are expected to rise 3.6% in the next year.
If you reside in South Carolina, All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate
your reverse mortgage lending limit or call us Toll Free (800) 565-1722