Palo Alto Reverse Mortgage Lender
Palo Alto Reverse Mortgage Lender
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 Palo Alto 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.
About South River Mortgage
South River Mortgage is a Palo Alto 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 Palo Alto 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 Palo Alto 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.
HUD-Approved Lender
South River Mortgage is a Palo Alto 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.
How South River Mortgage Can Help You
As a Palo Alto 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.
Palo Alto Lending Limit
Palo Alto is a charter city located in Santa Clara County, California in the San Francisco Bay Area. This city is known for having one of the highest costs of living and one of the most educated populations in the US.
With the illustrious Stanford University and the city’s booming tech industry, Palo Alto has certainly become one of the best places to live in the country.
Stanford University is one of the most prestigious universities in the entire world. It not only has an excellent track record and rich history, but Stanford also has some of the best teachers and facilities that the US can offer. There are also some noteworthy landmarks on campus, such as the Mission-Revival architecture of the Main Quad, the 285-foot Hoover Tower, the Stanford Memorial Church, and the Cantor Arts Center.
Palo Alto is home to a number of tech industry leaders, such as Hewlett-Packard Inc. (HP Inc), SSL (Space Systems/Loral), VMware, Tesla, Ford Research and Innovation Center, PARC, IDEO, Skype, Amazon, Palantir Technologies, and Houzz. It has also served as an incubator for several innovators such as Google, Facebook, Logitech, Intuit, Pinterest, Waze, Skype (Microsoft) and PayPal. With amazing its amazing talent pool, Palo Alto has become a destination not only for tourists, but also for startups and international collaborations.
Palo Alto has a relatively low population, considering that it is ranked the 139th largest city in California and 579th largest city in the US. With a 2020 population of 66,292, the city is currently declining at an annual rate of -0.28%. According to the World Population Review, out of the total population, approximately 51,186 are adults, with 12,480 seniors aged 62 and older. There are 26,212 households in the city, with over 55% of these homes occupied by their owners. This implies that there could be a large number of residents who could be eligible to borrow from a Palo Alto reverse mortgage lender.
Owner-occupied homes in Palo Alto have a remarkably high average value of over $2,000,000, which is 976% more than the national average of $204,900. With such a high average value, most eligible borrowers in Palo Alto may want to forego a standard HECM, which has a lending limit of $765,600, by opting for a jumbo reverse mortgage instead. The latter option allows borrowers to bypass the said lending limit and get more cash for their home equity. On the other hand, for those who want to downsize for their retirement years, an HECM for Purchase may better suit their needs. To better understand each option, it would be best to speak directly with a Palo Alto reverse mortgage lender.
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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HUD-Approved Counseling Agencies in Palo Alto, California
| Counseling Agency Name | Phone number | Address | Website |
|---|---|---|---|
| GUIDEWELL FINANCIAL SOLUTIONS | (323) 637-0847 | SUITE 225 1050 LAKES DR WEST COVINA, CA 91790-2924 | https://www.cccsmd.org |
| 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, CA 94621-1929 | https//www.nidhousing.com |
| CREDIT.ORG - HEMET | (855) 736-7782 | 1555 WEST FLORIDA AVE.HEMET, CA 92543-3814 | https://credit.org |
Why South River Mortgage?
South River Mortgage is a leading Palo Alto reverse mortgage lender. South River Mortgage has an expert staff of loan advisors and always gives back to the community.
Proprietary Loan Programs
South River Mortgage has many proprietary loan programs that allow South River Mortgage to qualify many borrowers who would otherwise be ineligible or denied for a reverse mortgage loan. For this reason, South River Mortgage is a top rated reverse mortgage company
South River Mortgage Gives Back
We believe in giving back to the communities we operate in, and we believe in helping seniors. This is why South River Mortgage sponsors hundreds of AARP memberships annually and participates in company-wide volunteer days.
Expert Loan Advisors
All staff members treat clients as we would treat our own family members. Our expert loan advisors go through a thorough guided training program, complete continuing education annually, and are well-regarded as the experts in the field.
How a Reverse Mortgage Works
Speak to a Reverse Mortgage Advisor
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
