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 Oakland 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 Oakland reverse mortgage lender, 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 Oakland 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 Oakland 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 Oakland 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 Oakland 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.
Oakland is the county seat of Alameda County in California. It is an internationally recognized travel destination because of its fascinating maritime history, bay and cityscape views, stunning sites, outdoor activities, and exciting food and wine scene.
Oakland is a great playground for different outdoor activities. It features over 100,000 acres of parks and trails, a breezy and sunshine-blessed bay scene, and around 19 miles of coastline. Because of that, the city draws hikers, bikers, stand-up paddlers, and a myriad of other people from around the globe. Many food enthusiasts are also drawn to Oakland for its fine international cuisine.
Another great thing about the Oakland has that other cities do not is its sports franchises. The city is home to the Oakland Athletics (popularly referred to as the “A’s”) and Oakland Raiders, both being successful teams in professional baseball and football, respectively.
Not to be outdone by the local sports teams, Oakland also has a significant art scene and claims the highest concentration of artists per capita in the US. This is because there are tons of actors and musicians who come from the city, including Tupac Shakur, Tom Hanks, Clint Eastwood, Bruce Lee, Keyshia Cole, and Sly Stone. In 2013, Oakland was named as one of America’s top art communities “that have most successfully combined art, artists and venues for creativity and expression with independent businesses, retail shops and restaurants, and a walkable lifestyle to make vibrant neighborhoods.”
Oakland is the largest city in the East Bay, the third largest in the whole Bay Area, and the eighth largest in California, with a 2020 population of 435,224 which is currently growing at a rate of 0.71% annually. According to the World Population Review, out of the total population, there are around 337,731 adults, 54,497 of whom are senior citizens aged 62 or over and may be eligible for a loan with an Oakland reverse mortgage lender.
Furthermore, around 40% of the 161,483 households in Oakland are occupied by their own owners. These owner-occupied homes have an average value of $627,800, which is well-within the HECM lending limit that each Oakland reverse mortgage lender is required to observe.
However, for homeowners who have a higher-value home that bypasses the said lending limit, they may consider a jumbo reverse mortgage instead of an HECM. This will allow them to covert a larger portion of their home equity into cash. Moreover, they will not need to pay off any of reverse mortgage proceeds until they die, sell their home, transfer to a different principal residence, or fail to pay their real property taxes or home insurance premiums.
On the other hand, for eligible borrowers who just want to downsize for their retirement years, they might want to consider the HECM for Purchase program to help them purchase and transfer to a smaller, cozier home instead.
Whatever reverse mortgage program you are most interested in, however, South River Mortgage can definitely help you get the best deal on your reverse mortgage so that you can live comfortably and securely throughout your retirement years.
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|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
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