Gilbert Reverse Mortgage Lender

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Gilbert 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 Gilbert 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 Gilbert 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 Gilbert 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 Gilbert 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 Gilbert 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 Gilbert 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.

Gilbert Lending Limit

Gilbert is a town in Maricopa County, located approximately 10 miles southeast of Phoenix. Once proudly known as the “Hay Shipping Capital of the World” because of its bountiful farmlands, Gilbert later transitioned from an agriculture-based community to an economically diverse suburban center which is now recognized as one of the fastest growing towns in the United States.

Measured by the town’s health, income, economics, quality-of-life factors, and crime rate, Gilbert was ranked as the second Best Place to Live in Arizona (2020) and the second Safest place to live in United States (2016). Gilbert is also recognized as a town that encourages its residents and visitors to live an active lifestyles. There are miles of developed trails through the parks and towns that are great for biking and running. There are golf courses, such as Greenfield and Western Skies, as well as playgrounds and picnic areas dotted around the town. Gilbert is also home to award-winning dining and entertainment options, a thriving Heritage District, hundreds of fun-filled community events each year, awe-inspiring natural tourist spots, and numerous amenities in each of its neighborhoods.

Due to its energetic, pleasant atmosphere and unique vibe, many visitors are continually drawn to Gilbert. Along with its thriving economy and friendly community, Gilbert also allows visitors to enjoy a relaxing vacation while staying safe all throughout their holiday. Visitors can do everything from shopping at SanTan Village, soaking up nature at the Riparian Preserve, spending quality time with their pet at Cosmo Dog Park, enjoying theater-in-the-round at Hale Centre Theatre, and hitting the bases at Big League Dreams, Elliot District Park,

Among all the towns in Arizona, Gilbert is the only place that has a population of more than 250,000 residents as of 2019, which is 15% of the population of Phoenix, according to the US Census Bureau. Of the total population, 9.1% are adults aged 65 and older. In other words, approximately 23,124 senior citizens are living in Gilbert. Moreover, about 72% of homes in Gilbert are occupied by their respective owners, which means that a large number of resident senior citizens could be eligible for a loan with a Gilbert reverse mortgage lender.

According to the US Census Bureau, resident homeowners with a traditional mortgage spend an average of $1,739 per month on ownership-related costs, such as mortgage payments, insurance premiums, and utilities. Reverse mortgage eligible homeowners can avoid a significant portion of these ownership costs if they deal with a Gilbert reverse mortgage lender instead of a traditional one.

Owner-occupied homes in Gilbert have an average value of $310,400, which means that most resident homeowners do not have to worry about the HECM lending limit of $765,600 which every Gilbert reverse mortgage lender must observe. However, if an eligible borrower is fortunate enough to own a home that is valued above the lending limit, they can also opt for a jumbo reverse mortgage instead. On the other hand, if an eligible borrower is interested in downsizing for retirement, an HECM for Purchase may better suit his needs.

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

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HUD-Approved Counseling Agencies in Gilbert, 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 Gilbert 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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