Licensing & Information
Disclosure and Licensing Information
South River Mortgage, LLC (South River Mortgage) is an equal housing opportunity mortgage broker and an equal housing lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.
Mortgage loans are for qualified borrowers only. Applicant(s) must meet the minimum age requirement at application. All loans are subject to lender guidelines and approval. Rates, terms, fees, products, programs, and equity requirements are subject to change without notice. Any current mortgage information stated herein is available through public record, which may not reflect the most current information. Not all products and options are available in all states. Certain conditions and fees apply. This is not a loan approval or commitment.
Reverse mortgage loan terms require the borrower(s) to occupy the home as the primary residence, pay for the maintenance and upkeep of the home, pay property taxes and homeowners insurance, and comply with the terms within the loan documents; otherwise, the loan becomes due and payable and can result in the loss of the home. Although property costs may be substantial, the lender does not establish an escrow account for certain recurring property charge payments, such as taxes and insurance. However, a set aside account may be set up for those charges, and in some cases may be required based on a financial assessment. Not all interest on a reverse mortgage is tax-deductible, and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.
Certain charges will be assessed with the loan, including a counseling fee (if counseling is required by the applicable Federal Housing Administration (FHA)/U.S. Department of Housing and Urban Development (HUD) Home Equity Conversion Mortgage (HECM) guidelines and/or lender guidelines) prior to application, an appraisal fee prior to loan approval, an origination fee, mortgage insurance premium (if required by the applicable FHA/HUD HECM guidelines), and other third-party closing costs at the loan’s closing, and servicing fees after the loan closes. Closing and servicing fees will be added to the loan balance. Over the life of the loan, interest is charged on the loan balance, which grows over time. A reverse mortgage increases the principal mortgage loan balance and decreases home equity, which is known as negative amortization. At the conclusion of the reverse mortgage when the last borrower (or eligible non-borrowing spouse, if applicable to the HECM loan) dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to a tax lien, encumbrance, or foreclosure). When the loan becomes due and payable, some or all of the equity in the property that is subject to the reverse mortgage no longer belongs to the borrower(s), who may need to sell the home or otherwise repay the loan balance with interest from the proceeds of the sale or other assets.
As it relates to any testimonials, results may not be typical and may vary, and not all individuals will experience the same results.
Regarding any statement related to tax, that information is not tax advice, and individuals should consult a tax advisor.
Home Equity Conversion Mortgage (HECM) Disclosures
HECMs are federally insured by FHA, but private mortgage brokers and lenders offer and originate the HECM loan. Information is provided by South River Mortgage, LLC; this information has not been reviewed, approved, or issued by HUD/FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
Visit the “States We Serve” and navigate the interactive map to determine if South River Mortgage can assist you with a HECM application in a particular state. HECM applicant(s) must be at least 62 years of age at application.
In HECM applications, South River Mortgage acts in the capacity of a mortgage broker.
HomeForLife is South River Mortgage’s proprietary reverse mortgage.
HomeForLife is available in certain states. HomeForLife applicant(s) must be at least 55 to 62 years of age at application, depending on state-specific minimum age requirements. Visit the “States We Serve” and navigate the interactive map to determine if HomeForLife is available in a particular state and the state-specific minimum age requirement. Alternatively, contact one of our loan originators to inquire about the HomeForLife product.
In HomeForLife applications, South River Mortgage acts in the capacity of a mortgage lender.
South River Mortgage, LLC is headquartered at 1750 Forest Drive, Suite 195 Annapolis, MD 21401. Toll-free number 1-844-230-6679. Company NMLS ID 1854524.
South River Mortgage is a licensed mortgage broker and/or lender, and we do business in the following states.
|State License Name||State License Number|
|Alabama Consumer Credit License||23178|
|Alabama Mortgage Brokers License||22851|
|Arizona Mortgage Banker License||1031337|
California Department of Financial Protection and Innovation Financing Law License
Loans made or arranged pursuant to a California Financing Law license
|Colorado Mortgage Company Registration||NMLS ID 1854524|
|Delaware Lender License||36677|
|District of Columbia Mortgage Dual Authority License||MLB1854524|
|Florida Mortgage Lender License||MLD2178|
|Georgia Mortgage Lender License/Registration||1854524|
|Idaho Mortgage Broker/Lender License||MBL-2081854524|
|Illinois Residential Mortgage License||MB.6761575|
|Indiana Secretary of State, Securities Division, Loan Broker License||1854524|
|Louisiana Residential Mortgage Lending License||NMLS ID 1854524|
|Maryland Mortgage Lender License||1854524|
|Minnesota Residential Mortgage Originator License||MN-MO-1854524|
New Jersey Residential Mortgage Lender License
Licensed by the New Jersey Department of Banking and Insurance
|NMLS ID 1854524|
|Ohio Residential Mortgage Lending Act Certificate of Registration||RM.804642.000|
|Oregon Mortgage Lending License||NMLS ID 1854524|
|Pennsylvania Mortgage Lender License||94893|
|Tennessee Mortgage License||220125|
|Texas Department of Savings and Mortgage Lending Mortgage Company License||NMLS ID 1854524|
|Utah Division of Real Estate Mortgage Entity License||12793493|
|Washington Consumer Loan Company License||CL-1854524|
Visit the Nationwide Mortgage Licensing System consumer access page for more licensing information, go to http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/184524.
Other State Disclosures
STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issued.
NEW JERSEY LIEN DISCLOSURE
HECM and HomeForLife products are first lien mortgage loans. For an adjustable rate HECM loan, a second lien mortgage and note also are required in order to secure any potential payments that FHA may make to or on behalf of a borrower pursuant to the federal National Housing Act and the loan agreement.
TEXAS MORTGAGE COMPANY DISCLOSURE
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.