Joan is a 75-year-old who had some unexpected medical bills come up. Since these additional expenses, Joan hasn’t paid her mortgage payment for the past
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 Sacramento 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 Sacramento, 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 Sacramento 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 Sacramento 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 Sacramento 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 Sacramento, 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.
Sacramento is the state capital of California and the largest city of Sacramento County. The city is steeped in culture, has an extraordinarily rich history, and is chock-full of attractions.
Sacramento has earned various nicknames over the years, such as the City of Trees and River City. It is also known as America’s Farm-to-Fork Capital, where local chefs have all-year access to fresh agricultural produce, allowing them to prepare some of the most unique and delicious dishes that would only be possible with the freshest ingredients. Sitting in the heart of the Central Valley, the metro area has been at the forefront of the farm-to-fork movement even before such a term was coined. This obviously makes Sacramento a must-visit place for foodies and gourmets.
Those more inclined to history, art, and culture may also want to visit the Sacramento History Museum, California State Railroad Museum, Crocker Art Museum, California State Capitol Museum, California Automobile Museum, or any of the other 23 museum and art centers in the city.
Sacramento’s tree-lined streets, numerous river activities, incredible natural beauty, and burgeoning food, wine, and beer scenes make it one of the best cities in the state. The city’s diversity and standard of living has drawn in many young professionals and middle-class families to Sacramento. Its resurgent real estate market and overall economic development over the years has provided many exciting opportunities for locals and visitors alike.
Sacramento is the sixth largest city in California and the 37th largest city in the US. It has a population of around 521,769 and it is currently growing at an annual rate of 1.29%, according to the World Population Review. Out of the entire population, roughly 62,776 residents are senior citizens. There are also around 183,106 households in the city, around 48% of which are occupied by their respective owners. Based on these numbers, quite a few senior citizens homeowners may be eligible for a loan with a Sacramento reverse mortgage lender.
Moreover, the average home in Sacramento has been valued at $313,400, which places it below the federal lending limit of $765,600 that every Sacramento reverse mortgage lender must observe for a standard HECM loan. In other words, most eligible borrowers will not have to worry about the lending limit if they plan on getting a standard HECM loan. However, for those fortunate enough to have a higher value home and who want to convert a larger portion of their home equity into cash, then they may want to consider a jumbo reverse mortgage instead. Lastly, eligible borrowers who want to downsize for retirement may want to consider the HECM for Purchase program instead since it is specially designed for borrowers who want to move out of their current homes.
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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|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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