In 2024, there were 13 active reverse mortgage loans in St. Mary Parish, Louisiana. The average home value in St. Mary Parish is $160,172.62.

Click here to get a reverse Mortgage Quote in St. Mary Parish, Louisiana

To avoid scams, make sure you are working with a licensed lender in Louisiana. South River Mortgage is a fully licensed lender in Louisiana. The LA state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Residential Mortgage Lending License in LA, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in St. Mary Parish

St. Mary Parish is located in Louisiana, with a population of around 50,944 residents. Known for its rich cultural heritage and vibrant community, the area boasts a diverse blend of Creole, Cajun, and American influences. St. Mary Parish experiences a subtropical climate with hot summers and mild winters, making it an attractive destination for outdoor enthusiasts and those seeking a relaxed coastal lifestyle. With an average home value of $160,172.62, property taxes averaging $776.78, and an interest rate of 4.02%, St. Mary Parish offers affordable housing options for residents. For seniors looking to tap into their home equity, the county’s property values can make it an attractive location for utilizing reverse mortgages as a financial tool. This option allows seniors to convert part of their home’s equity into cash, providing additional financial flexibility during retirement years. Additionally, St. Mary Parish holds a significant historical legacy, including its role in the sugar industry and contributions to Louisiana’s cultural tapestry.

Reverse Mortgage Loan Origination in St. Mary Parish

Reverse Mortgage Home Values in St. Mary Parish

Reverse Mortgage Interest Rates St. Mary Parish

There are approximately 13 active reverse mortgage loans in St. Mary Parish. The average interest rate in St. Mary Parish is 7.76% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in St. Mary Parish was $465,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in St. Mary Parish, Louisiana »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in St. Mary Parish, LA

With the average home value of $465,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in St. Mary Parish

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in St. Mary Parish

You can now purchase a home with a reverse mortgage in {county}, LA. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »