Reverse Mortgage Brokers & Lenders Flagstaff, AZ

Flagstaff Reverse Mortgage Lender

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Flagstaff Reverse Mortgage Lender

South River Mortgage is one of the top reverse mortgage brokers in the United States (US) that offers reverse mortgage loans to senior homeowners in over 50 cities in seven states. We are an official member of the National Reverse Mortgage Lenders Association (NRMLA), the voice of the reverse mortgage industry in the US.

South River Mortgage is a Flagstaff reverse mortgage lender, offering a variety of reverse mortgage products to local homeowners, with the guidance of our skilled team of loan specialists, who are dedicated to all your reverse mortgage needs.

South River Mortgage aims to provide borrowers with the comfort and assistance they need to fully enjoy the benefits of the reverse mortgage program.

About South River Mortgage

South River Mortgage is a Flagstaff reverse mortgage lender, dedicated to helping senior homeowners have the best retirement experience that they can afford. 

Whether you need immediate cash or to establish a line of credit for emergencies, South River Mortgage is here for you. We know that you spent thousands of dollars building the home that you intend to retire in, so trust us when we say that we won’t let your efforts go to waste.

Our primary goal, as a Flagstaff reverse mortgage lender, is to help you enjoy your retirement years by giving you the resources that you need to live comfortably and age in place, surrounded by the same neighbors that you’ve come to know and love. As a leading Flagstaff reverse mortgage lender, we offer a variety of reverse mortgage products that let you convert your home equity into cold hard cash, without having to constantly worry about making monthly mortgage payments.

HUD-Approved Lender

South River Mortgage is a Flagstaff reverse mortgage lender authorized by the US Department of Housing and Urban Development (HUD) to offer Home Equity Conversion Mortgages (HECMs), the most popular type of reverse mortgage program in the country which is insured by the Federal Housing Administration (FHA) and regulated by the US government.

How South River Mortgage Can Help You

As a Flagstaff reverse mortgage lender, South River Mortgage provides three loan options for eligible homeowners: (1) HECM, (2) Jumbo Reverse Mortgage; and (3) HECM for Purchase.

As already mentioned, the HECM is a reverse mortgage loan regulated and insured by the government. Like all other reverse mortgage programs, it allows eligible borrowers to convert their home equity into cash, without having to worry about regular monthly payments. Borrowers need only repay the loan when they die, sell or move out of their home, or fail to comply with the ongoing requirements of the loan.

On the other hand, the Jumbo Reverse Mortgage is a reverse mortgage loan that allows homeowners with higher value homes to convert more of their home equity into cash by bypassing the lending limit imposed by the government on HECMs.

Lastly, the HECM for Purchase is a special-purpose reverse mortgage loan that is designed to help homeowners purchase a new home using the loan proceeds. Borrowers who intend to downsize or move to a different neighborhood will likely get the most out of this type of loan.

Flagstaff Lending Limits

Flagstaff is the largest city in Northern Arizona and the seat of government for Coconino County. It is has a very friendly community and is highly recommended for senior citizens, who want to spend their retirement years in a place that close to nature, without sacrificing the comforts of city living.

Flagstaff is famously known as the City of Seven Wonders as it sits in the midst of the Coconino National Forest and is surrounded by many natural wonders and landmarks. Flagstaff has a thriving tourism industry that promotes famous natural geological formations, including the Grand Canyon, Oak Creek Canyon, Walnut Canyon, Wupatki National Monument, Sunset Crater National Monument, and the San Francisco Peaks. 

Due to its friendly, easy-going lifestyle and coniferous forest, the city is a great place for recreational activities like skiing, hiking, camping, backpacking, and other outdoor sports and adventures. Not only are these activities an excellent way for families to spend time with one another, but they are also great for exercise and keeping fit.

Flagstaff is also home to the first major astronomical research facility in US, the Lowell Observatory. The observatory is credited with several discoveries, but the most major of which was the discovery of Pluto in the 1930s. The observatory also played an important role in mapping the moon for the Apollo astronauts, who made their historic lunar landing.

Flagstaff is a great place for retirees. In fact, many people from out-of-state purposely move to Flagstaff to enjoy their retirement years, a lot of whom were formerly tourists who enjoyed the city so much that they eventually decided to move there. 

According to a certain tourism study conducted by the Northern Arizona University and published by the Arizona Office of Tourism, 57% of Flagstaff’s tourists were from out‐of‐state, 30% were Arizona residents, and 13% were international visitors. 21.6% of these visitors are 66 years old and above.

Flagstaff is also one of the most populous city in Arizona. It is home to more than 75,000 residents according to the 2019 US Census Bureau. Of the total population, over 8% are adults aged 65 and older. In other words, there are approximately 6,200 senior citizens living in Flagstaff. Moreover, approximately 83% of senior citizens are homeowners who are potential borrowers for a Flagstaff reverse mortgage lender.

Homeowners in the area have an average owner-occupied housing value of $323,200. What this essentially means is that many of the eligible borrowers need not worry about the HECM lending limit, which is currently set at $765,600. 

Moreover, for homeowners with a traditional mortgage, the average monthly mortgage payment is $1,666, according to the US Census Bureau. Eligible borrowers can easily avoid monthly mortgage payments by dealing with a Flagstaff reverse mortgage lender instead.

However, for homeowners who have a higher value home and who want to bypass the HECM lending limit observed by Flagstaff reverse mortgage lenders, they should consider a jumbo reverse mortgage instead of an HECM. This will allow them to covert a larger portion of their home equity compared to what they would have received through the HECM or HECM for Purchase.

Whatever reverse mortgage program you are most interested in, however, South River Mortgage can definitely help you get the best deal on your reverse mortgage so that you can live comfortably and securely throughout your retirement years.

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HUD-Approved Counseling Agencies in Flagstaff, Arizona

Counseling Agency Name Phone Number Address Website
WESTERN ARIZONA COUNCIL OF GOVERNMENTS HOPE - HECM(928) 217-7161
1235 S REDONDO CENTER DR YUMA, AZ 85365-2039
https://www.wacog.com
TAKE CHARGE AMERICA
(623) 266-6149
20620 N 19TH AVE PHOENIX, AZ 85027-3585
www.takechargeamerica.org
CREDIT.ORG - MESA
(855) 736-7729
4140 E BASELINE RD STE 101 MESA, AZ 85206-4413
https://credit.org
ADMINISTRATION OF RESOURCES AND CHOICES
(520) 623-9383 SUITE 219 3003 S. COUNTRY CLUB ROAD TUCSON, AZ 85713-4082
https://www.nfcc.org

Why South River Mortgage?

South River Mortgage is a leading Flagstaff reverse mortgage lender. South River Mortgage has an expert staff of loan advisors and always gives back to the community.

Proprietary Loan Programs

South River Mortgage has many proprietary loan programs that allow South River Mortgage to qualify many borrowers who would otherwise be ineligible or denied for a reverse mortgage loan. For this reason, South River Mortgage is a top rated reverse mortgage company

South River Mortgage Gives Back

We believe in giving back to the communities we operate in, and we believe in helping seniors. This is why South River Mortgage sponsors hundreds of AARP memberships annually and participates in company-wide volunteer days.

Expert Loan Advisors

All staff members treat clients as we would treat our own family members. Our expert loan advisors go through a thorough guided training program, complete continuing education annually, and are well-regarded as the experts in the field.

How a Reverse Mortgage Works

Speak to a Reverse Mortgage Advisor

Have questions about the reverse mortgage? Are you not sure if this is the right program for you? Speak with one of our trusted reverse mortgage advisors today

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