Reverse Mortgage Company in Phoenix, AZ

reverse mortgage lenders phoenix

Phoenix Reverse Mortgage Lender

South River Mortgage is one of the top reverse mortgage brokers in Phoenix, AZ that offers reverse mortgage loans to senior homeowners in over 50 cities in eight 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 Phoenix reverse mortgage lender, offering a variety of reverse mortgage products 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 Phoenix reverse mortgage lender, dedicated to helping senior homeowners have the best retirement experience that they can afford. 

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 reverse mortgage lender in Phoenix, 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 reverse mortgage lender in Phoenix, 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 Phoenix 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 Phoenix 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.

Phoenix Lending Limit

The fifth largest city in the United States and the capital of Arizona, Phoenix is widely considered a great place for retirees because of its natural beauty and ideal weather.

Phoenix is also known as the “Valley of the Sun” since it sees more sunshine than any other metropolitan area in the country. It has an average of approximately 300 days of sunshine or over 85% of daylight hours per year. Many tourists have found their way to Phoenix to experience its natural beauty, warm temperature, and sunny skies. Because of the large number of tourists, Phoenix has consistently ranked among the top destinations in the United States for five-star resorts.

Along with its beautiful features, Phoenix is also home to nearly 200 golf courses, which attract visitors from all around the world. It is also home to a number of popular sports teams, including the Arizona Cardinals of the National Football League (NFL), the Arizona Diamondbacks of Major League Baseball (MLB), the Arizona Coyotes of the National Hockey League (NHL), and the Phoenix Suns of the National Basketball Association (NBA). In fact, the Phoenix Suns have brought the NBA payoffs home to Talking Stick Resort Arena a total of 29 times!

Phoenix is also the only state capital that has more than a million residents. It has the total population of 1,680,992 as of 2019 and it is still growing at an average of 222 new residents every day. Consequently, Phoenix was included in the list of the fastest-growing cities in the United States, according to the US Census Bureau. Of the total population, over 10% are at least 65 years old, which amounts to approximately 173,142 seniors.

Aside from being one of the fastest growing cities in United States, in terms of the population, Phoenix is also consistently ranked as one of the fastest growing economies of all metro areas in the United States. The value of goods and services produced in the Phoenix metro area reached $187.4 billion in 2008, larger than the output of many other states – or even many other countries!

According to the US Census Bureau, around 53% of homes in Phoenix are owner-occupied. The average owner-occupied home is valued at $217,400. Owner-occupied homes with a traditional mortgage pay around $1,417 in monthly mortgage payments. Eligible borrowers can avoid these monthly mortgage payments by taking out a loan with a Phoenix reverse mortgage lender.

Senior homeowners who are interested in dealing with a Phoenix reverse mortgage lender and who own homes worth less than $765,600 may want to consider getting an HECM since the value of their home is less than the government-imposed lending limit that Phoenix reverse mortgage lender are bound to observe. While those who have homes worth more lending limit, they may want to maximize the amount of their loan proceeds by getting a jumbo reverse mortgage with a Phoenix reverse mortgage lender instead. Finally, for those who want to downsize from a larger home or transfer their place of residence, they may want to look into the HECM for Purchase program to maximize your potential benefits.

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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HUD-Approved Counseling Agencies in Phoenix, Arizona

Counseling Agency Name Phone Number Address Website
WESTERN ARIZONA COUNCIL OF GOVERNMENTS HOPE - HECM(928) 217-7161
1235 S REDONDO CENTER DR YUMA, AZ 85365-2039
https://www.wacog.com
TAKE CHARGE AMERICA
(623) 266-6149
20620 N 19TH AVE PHOENIX, AZ 85027-3585
www.takechargeamerica.org
CREDIT.ORG - MESA
(855) 736-7729
4140 E BASELINE RD STE 101 MESA, AZ 85206-4413
https://credit.org
ADMINISTRATION OF RESOURCES AND CHOICES
(520) 623-9383 SUITE 219 3003 S. COUNTRY CLUB ROAD TUCSON, AZ 85713-4082
https://www.nfcc.org

Why South River Mortgage?

South River Mortgage is a leading Phoenix 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

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