Refinance Your Reverse Mortgage
Loan Options
Refinance Your Reverse Mortgage
Get More Out of Your Reverse Mortgage With South River Mortgage
We are not just a lender, we are a broker, too. We shop around to find the right solution your situation. Our licensed specialists work with you every step of the way so you can get the most out of your home equity with the best interest rate for your reverse mortgage.
Why Refinance?
Refinancing your reverse mortgage is a smart choice if you need additional cash or want to take advantage of lower interest rates. South River Mortgage provides you with two great options: the Home Equity Conversion Mortgage (HECM) and HomeForLife.
These programs can enable you to:
- Lower your interest rate
- Get cash-out
- Consolidate debt
Refinancing Options
What is a HECM?
HECM was created by the Federal Housing Administration (FHA). It is a federally-insured reverse mortgage program designed to help homeowners 62 and older access equity in their home to supplement their retirement. It allows you to remain in your home, eliminate required monthly mortgage payments and access your home equity. The HECM offers access to your cash through a lump sum, monthly installments, or a line of credit, though not all of your loan proceeds will be available at closing. To receive 100% of your proceeds at closing, inquire about HomeForLife by South River Mortgage.
What is HomeForLife?
HomeForLife is a product offered only at South River Mortgage. Because we are a private lender, we have different guidelines than the FHA sets for the HECM loan. With HomeForLife, homeowners 55 and older* can consolidate debt and receive 100% of their loan proceeds at closing. Compared to a HECM, HomeForLife has more flexible financial requirements. Even homeowners that have been previously declined for a reverse mortgage loan or similar programs still have a good chance of qualifying for HomeForLife.
*This minimum age requirement only applies where allowed by state law.
Get a Reverse Mortgage Toolkit
Discover if a reverse mortgage is right for you and receive a FREE Reverse Mortgage Toolkit.
Speak to a licensed specialist
Our team of dedicated professionals are available to assist you.
