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 Long Beach reverse mortgage lender, offering a variety of FHA home equity loans 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.
South River Mortgage is a reverse mortgage lender in Long Beach, dedicated to helping senior homeowners to use their home equity work for them.
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 Long Beach 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 Long Beach 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.
South River Mortgage is a Long Beach 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.
As a reverse mortgage lender in Long Beach, 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.
Long Beach is a city in California located within the Los Angeles Metropolitan Area. With its world-class urban amenities combined with its small-town charm, Long Beach has a little something for everyone. It offers an enjoyable experience to visitors. who are looking for perfect waterfront attractions, bike-friendly roadways, cultural festivals, and amazing weather.
Long Beach is well-known for having one of the largest ports in the world, which is also the second-busiest seaport in the United States since it is one of the main arteries that connect the Los Angeles Metropolitan Area to the rest of the world.
True to its name, Long Beach has over five miles of pristine beaches. The beaches around the town have calm waters that are better for swimming and lounging, rather than surfing. These beaches include the Alamitos Bay Beach, the Rosie’s Dog Beach, the Long Beach City Beach, and the Peninsula Beach.
Aside from its beachfront, one of the must-see attractions in Long Beach is the RMS Queen Mary. The RMS Queen Mary is a 1936 Art Deco ocean liner permanently docked at Long Beach. Converted from a troop transport used during WWII to a hotel and maritime museum, the RMS Queen Mary is roughly 200 ft (61m) longer than the RMS Titanic.
Long Beach is the seventh largest city in California and the 43rd largest city in the United States, with a 2020 population of 463,218. According to the World Population Review, the city’s population is currently declining at a rate of -0.44% per year since the most recent census in 2018. Out of the total population, 361,655 are adults, 51,486 of which are seniors aged 62 years and older. Many of these seniors own the homes they are currently residing in and, therefore, may be interested in speaking with a Long Beach reverse mortgage lender.
Long Beach has around 166,460 households, 40.1% of which are occupied by their owners. The average home in the city is valued at around $519,300. Thus, most of the homes in the area are below the federal HECM lending limit of $765,600. Thus, most reverse mortgage borrowers will not need to worry about maximizing their home equity since they probably will not hit the lending limit anyway.
On the other hand, borrowers fortunate enough to have a home valued above the lending limit may want to get a jumbo reverse mortgage instead, so that they can bypass the HECM lending limit and get the most out of their loan.
Finally, borrowers who simply want to downsize or otherwise move to a different home for their retirement years may want to seriously consider an HECM for Purchase, a program especially designed to help borrowers sell, purchase, and move into a new home.
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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|Counseling Agency |
|GUIDEWELL FINANCIAL SOLUTIONS||(323) 637-0847||SUITE 225 1050 LAKES DR WEST COVINA, |
|NEIGHBORWORKS ORANGE COUNTY||(714) 490-1250||128 E KATELLA AVE STE 200 ORANGE, CA 92867-4850||https://nwoc.org|
|NATIONAL ASSOCIATION OF REAL ESTATE BROKERS-INVESTMENT DIVISION, INC||(510) 268-9792||7677 OAKPORT STREET, SUITE 1030, 10TH FL OAKLAND, |
|CREDIT.ORG - HEMET||(855) 736-7782||1555 WEST FLORIDA AVE.HEMET, CA 92543-3814||https://credit.org|
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
For many people, aging in place can provide a higher quality of life than living in a senior care facility. It is not the best