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 Los Angeles 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 Los Angeles, 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 Los Angeles 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 Los Angeles 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 Los Angeles 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 Los Angeles, 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.
Los Angeles is a city that requires no introduction. It is a place full of Hollywood stars, movie studies, and beautiful beaches. Because of its close links with the TV and movie industry, Los Angeles has been nicknamed the Entertainment Capital of the World.
Not many know, however, that city was originally named “El Pueblo de la Reina de Los Angeles,” which is Spanish for “The Town of the Queen of Angels.”
As its reputation suggests, Los Angeles is where people from different places come to see their dreams come true, to achieve their goals, and to reach their ultimate potential. It is a city that is all about opportunity, creativity, culture, and experience.
Over 40 million people visit Los Angeles every year. This is because the city’s countless attractions, such as the Disneyland, Universal Studios, and other theme parks; more than a hundred museums; dozens of zoos and aquariums; over 8,000 restaurants, 400 bars and night clubs; and countless concert venues.
Los Angeles is recognized as the largest city in California and the second largest city in the US. In 2020, its population hit 4,015,940 and is still growing at an annual rate of 0.32%. The city is also one of the most diverse cities in the US, with people of different races and from all around the world calling Los Angeles their home.
Roughly 11.9% of the population or approximately 478,359 people are seniors, are aged 62 and older. Moreover, over 36% of the population or 1,373,860 people own the home that they are currently occupying. Thus, there are quite a few people in the city that may qualify for a loan with a Los Angeles reverse mortgage lender.
According to the US Census Bureau, an average Los Angeles home has a value of $599,700, which makes the average senior homeowner eligible for an HECM loan, without having to go over the federal lending limit of $765,600 that every Los Angeles reverse mortgage lender needs to observe. However, borrowers who are fortunate enough to have a home that is above the federal lending limit and want to maximize the amount of home equity that they can convert into cash, then a jumbo reverse mortgage may be more preferable. Finally, if for borrowers who want to downsize for retirement or plan to move to a bungalow by the beach for a more laid-back lifestyle, then the HECM for Purchase program may be worth a look.
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
The first step to getting a good reverse mortgage is choosing a reverse mortgage originator that suits your needs. Unfortunately, this is easier said than