South Carolina Reverse Mortgage (HECM) Calculator
Estimate HECM reverse mortgage upfront costs (origination fee, mortgage insurance premium) and project your loan balance growth vs. South Carolina home equity, using real HUD/FHA rules and your home's value.
Enter Your Details
Adjust values to see instant results
Pre-filled: Zillow Home Value Index (ZHVI), June 2026
Additional Details
Additional Details
Pre-filled: Tax Foundation, effective rate on owner-occupied housing
Pre-filled: NAIC Homeowners Report, HO-3 average premium
Maximum Claim Amount (Capped at Nationwide HECM Limit)
$309,000.00
Estimated • Based on your inputs
Total Upfront Costs
$13,270.00
Net Cash Available After Costs & Payoff
$110,730.00
Projected Loan Balance After Your Projection Period
$268,484.00
Projected Remaining Home Equity
$146,786.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How This Calculator Works
Calculation methodology and assumptions
This calculator computes only the HECM cost figures set directly by federal regulation, plus mechanical compound-interest projections -- it does not claim to know HUD's actual "principal limit" (how much of your equity you can access), since that number comes from HUD's actuarial Principal Limit Factor tables (by exact age and expected rate) that this session could not independently verify. Maximum Claim Amount is your home's value capped at the nationwide HECM limit ($1,249,125 for calendar year 2026, updated from the prior $1,209,750 CY2025 figure -- 24 CFR 206.3 defines this cap as FHA's national one-family mortgage limit, which FHFA's official CY2026 conforming loan limit announcement sets at $1,249,125). Loan Origination Fee follows 24 CFR 206.31(a)(1) exactly: the greater of $2,500 or 2% of the first $200,000 of the Maximum Claim Amount plus 1% of any amount above that, capped at $6,000. Initial MIP is 2% of the Maximum Claim Amount, HUD's current rate since Mortgagee Letter 2017-12 (24 CFR 206.105 caps this at 3%). Your projected loan balance compounds your "amount you plan to draw" monthly at your expected interest rate plus the current 0.5% annual MIP rate over your chosen projection period -- this is exactly how HECM balances grow in practice (24 CFR 206.105(i)). Because HECMs are non-recourse loans (FHA insurance absorbs any shortfall), Projected Remaining Home Equity is floored at $0 rather than allowed to go negative.
Key State Information
South Carolina's statewide median home value was $309,000 as of June 2026 (Zillow ZHVI), below the nationwide HECM limit, so your Maximum Claim Amount would simply equal your appraised home value (up to that limit). South Carolina's effective property tax rate is 0.49% and average homeowners insurance premium is $1,571/year (Tax Foundation; NAIC Homeowners Report) -- both must keep being paid for the life of a HECM loan regardless of state, since HECM is a federal FHA program with no state-by-state rule variation in its core mechanics.
How to Use This Reverse Mortgage Calculator
- 1
Enter your information
Input the required values. The calculator is pre-filled with South Carolina's data where applicable — adjust to match your specific situation for accurate results.
- 2
Review default values
Check that the pre-filled state-specific data (tax rates, median values, etc.) matches your local situation. You can override any value to customize the calculation.
- 3
Analyze your results
Review the calculated outputs. Use the breakdown table to understand exactly how each factor contributes to the final result.
- 4
Compare across states
Use the related state calculators linked below to compare results across different states — useful for relocation planning and financial comparison.
Example Calculation
Here's a practical example using South Carolina's data.
The calculator uses state-specific public data and documented estimates where available — including tax rates, median values, and cost benchmarks — to produce a personalized estimate for the inputs you provide.
Result: Results will vary based on your individual inputs. Use this calculator as a starting point, then adjust the values to test different scenarios. The methodology section below explains exactly how each result is calculated.
What Affects Your Results
State-Specific Inputs
South Carolina has unique rates, fee schedules, and regulatory requirements that can affect results. This page's methodology and source card identify which inputs are sourced, modeled, or user-adjustable.
Income Level
Many calculations are income-dependent due to progressive tax brackets, phase-outs, or income-based eligibility thresholds. Higher income doesn't always mean proportionally higher costs.
Local Variations
State averages may not reflect your specific city or county. Local taxes, fees, and market conditions can vary ±20% from state averages.
Annual Changes
Tax rates, fee schedules, and regulations change. Check the recorded source-review date and verify critical numbers with the relevant agency.
Tips for South Carolina Residents
- Always verify pre-filled values against your actual data. State averages are a good starting point but your situation may differ significantly.
- Run multiple scenarios by adjusting key inputs to see how changes affect your results. This helps with planning and decision-making.
- Compare your results across states using the related calculators linked below — especially valuable if you're considering relocating or doing business in South Carolina.
- Bookmark this page to recalculate periodically as rates change. Check the page source card and review date before relying on a pre-filled value.
- Consult a qualified professional for major financial decisions. These calculators provide estimates based on standard formulas — a CPA or financial advisor can factor in your complete financial picture.
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StateCalc Team
Editorial Team
The StateCalc team builds free financial calculators using data from official government sources including the IRS, U.S. Census Bureau, BLS, and state revenue departments. All formulas are validated by an automated test suite and cross-referenced against published data.
Our editorial standardsFrequently Asked Questions
What is the minimum age for a reverse mortgage (HECM)?
Federal HUD rules (24 CFR 206.33) require the youngest borrower on the home's title to be at least 62 years old at the time the loan closes. A younger, non-borrowing spouse can still be protected under separate HUD spousal-protection rules established in Mortgagee Letter 2014-07, but only the age-62+ borrower(s) are on the loan itself.
How much does a reverse mortgage cost upfront?
Upfront costs are set largely by federal regulation: a loan origination fee (24 CFR 206.31(a)(1) -- the greater of $2,500 or 2% of your first $200,000 of Maximum Claim Amount plus 1% of any amount above that, capped at $6,000), an initial mortgage insurance premium (currently 2% of your Maximum Claim Amount), and third-party closing costs (appraisal, title insurance, recording fees) that vary by lender and locality. Most borrowers finance these costs into the loan itself rather than paying cash at closing.
Why doesn't this calculator tell me exactly how much I can borrow?
HUD calculates your actual available amount (the "principal limit") using a large actuarial table -- the Principal Limit Factor, which varies by your exact age and the loan's expected interest rate -- published only in PDF appendices to individual HUD Mortgagee Letters. This site could not independently verify that full table this session, and rather than guess or approximate it, this calculator asks you to enter your own planned draw amount (from a real HECM counselor session or lender quote) so every other number stays accurate and verifiable.
Can I lose my home with a reverse mortgage?
You keep title to your home and are not required to make monthly payments, but you must continue paying property taxes and homeowners insurance and maintaining the home as your primary residence (24 CFR 206.27) -- falling behind on any of these, or moving out for over 12 consecutive months, can make the loan due and payable and can lead to foreclosure. A HUD-approved counseling session, required before every HECM, is specifically designed to walk through these ongoing obligations.
Can I (or my heirs) ever owe more than the home is worth?
No. HECMs are non-recourse loans -- if the loan balance grows larger than the home's value by the time it becomes due, FHA mortgage insurance covers the difference. Neither you nor your heirs are personally liable for any shortfall beyond the home's value, which is exactly why this calculator floors "Projected Remaining Home Equity" at $0 instead of showing a negative number.
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