In the 20th century, the state carved a niche for itself as a powerhouse in the textile industry, and the economy has emergedĪs an attractive one for major businesses due to the very low corporate tax rate in the state. After the Union’s final victory in the war, it took an additional four years for SouthĬarolina’s representation to be restored in the U.S. Unlike in the Revolutionary War, South Carolina was not a major battleground during the Civil War but did not escape the war’sĮconomic devastation of the Confederacy. With insurgent Confederate batteries shelling Fort Sumter in Charleston Harbor, the Strong opposition across the state, and led to South Carolina becoming the first state to secede from the Union and form theĬonfederate States of America. Lincoln’s abolitionist positions were met with Upon the election of Abraham Lincoln to the Presidency of the United States in 1860, After the war and throughout the Antebellum period, South Carolina became dominatedīy cotton particularly after the invention of the cotton gin, and consequently much of the state’s economy was held Nearly a third of the combat that took place during the Revolutionary War took place across South Carolina, Separation from Great Britain was codified by the writing of the Declaration of Independence that July. In March of 1776, the colony adopted the Constitution of South Carolina, and joined the new United States after its Originally settled by Europeans in the 1500s by the Spanish, the land that would become South Carolina was first settledīy British colonists the following century and was split off into South Carolina from its northern counterpart in 1729. The median home value in South Carolina is $353,100, which is much lower than the HECM reverse mortgage "The Palmetto State" has a population of 5,148,714 and is home to one of the lowest property tax rates in the country. 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.Įverything 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. 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. 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. 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. 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. 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. About All Reverse Mortgage ® of South Carolina 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, (ARLO™) originates in South Carolina and closes both refinance loans, where borrowers already own their home and are looking The HECM is HUD's acronym for their reverse mortgage loan.Īll Reverse Mortgage, Inc. Underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). (ARLO™) is approved with the Department of Housing and Urban Development (HUD) to originate, Purchase Reverse Mortgages Closed Last 12 MonthsĪll Reverse Mortgage, Inc. The difference is clear, and we can’t wait to show you! South Carolina Reverse Mortgage Facts We are HUD Approved and offer a full suite of HECM & Jumbo Reverse Mortgages.Ĭompare our competitive rates and lower costs to any competitor and realize thousands more from your home’s equity! Since we started in 2004, our goal has remained simple: to offer the best terms with unbeatable customer service. We are the only SC company awarded an A+ Rating by the BBB with perfect 5-Star Reviews. (ARLO™) is proud to be South Carolina's #1 Rated Reverse Mortgage Lender celebrating 19 Years of excellence.
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