Home For Life
Loan Options
HomeForLife
A South River Mortgage Proprietary Product.
HomeForLife is a new product designed to get you 100% of your funds at closing. This special type of reverse mortgage gets you the cash you need while you remain in your home for life.
Key Product Features
- Payoff necessary debts at closing to qualify
- Flexible financial requirements
- Minimum age requirement only 55*
- No Initial Mortgage Insurance Premiums
What is a reverse mortgage?
A reverse mortgage is a type of loan that allows homeowners to access their home equity and turn it into cash. A reverse mortgage offers the unique opportunity for a homeowner to use their home equity without incurring a monthly mortgage payment or selling their home.
Why HomeForLife?
HomeForLife is a product offered only at South River Mortgage. Because we are a private lender, we have different guidelines than the FHA sets for the HECM loan. With HomeForLife, homeowners 55 and older* can consolidate debt and receive 100% of their loan proceeds at closing. Compared to a HECM, HomeForLife has more flexible financial requirements. Even homeowners that have been previously declined for a reverse mortgage loan or similar programs still have a good chance of qualifying for HomeForLife.
*This minimum age requirement only applies where allowed by state law.
A Smart Choice.
The below table illustrates what your cash flow could look like with a HECM. When comparing the amount leftover during retirement with a traditional mortgage (in red) and the amount left over with a reverse mortgage (in green), you can see how a HECM can help you manage your monthly expenses and avoid unnecessary financial stress.
| Before Retirement | During Retirement | Retirement with a Reverse Mortgage | |
|---|---|---|---|
| Income | $4,000 | $2,500 | $2,500 |
| Monthly Mortgage Payment | $2,000 | $2,000 | * |
| Groceries | $500 | $500 | $500 |
| Utilities | $250 | $250 | $250 |
| Gas | $100 | $100 | $100 |
| Auto Loan | $300 | $300 | $300 |
| Disposable Income | $850 | -$650 | $1,350 |
*As with any mortgage, you must continue to make payments for property taxes, insurance, and maintenance, as well as comply with the loan terms.
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