Reverse Mortgages in San Francisco
San Francisco 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 San Francisco reverse mortgage lender, offering a variety of FHA home equity loans to local homeowners. Our skilled team is 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 reverse mortgage lender in San Francisco, dedicated to helping senior homeowners 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 San Francisco 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 San Francisco 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 San Francisco 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 reverse mortgage lender in San Francisco, 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.
San Francisco Lending Limit
San Francisco, officially the City and County of San Francisco, is one of the best places to live in California. It is not only blessed with beautiful scenery, but also has a rich culture and history. The city is home to a number of famous restaurants, high-end coffee shops, and relaxing parks. Its various amenities and natural beauty make it the perfect place for seniors who want to enjoy the comforts of city living during their retirement years.
Based on its life expectancy, smoking, obesity, and activity rates, access to exercise and medical care, insurance coverage, and air pollution, San Francisco is considered as the healthiest county in California.
San Francisco is home to many recreational and entertainment options, such as the Golden Gate Park, one of the most beautiful urban parks in the US; the Golden Gate Bridge, the city’s world-famous attraction that has been declared as one of the modern wonders of the world; and the Golden Gate National Recreation Area, the largest recreational and urban national park in the world. San Francisco is also home to different sports teams, including the San Francisco 49ers of the National Football League (NFL); and the San Francisco Giants of Major League Baseball (MLB); and the Golden State Warriors of the National Basketball Association (NBA).
As of 2020, the city has a population of 896,047, making San Francisco the fourth largest city in California and the 16th largest city in the United States. It is currently growing at a rate of 0.72% annually. Its population has increased by 11.28% since the most recent census, which recorded a population of 805,235 in 2010, according to the World Population Review. Out of the total population, 753,147 adults, 131,438 of which are seniors aged 62 years old and above. Many of these seniors own the homes that they currently live in and, therefore, can be eligible for a loan with a San Francisco reverse mortgage lender.
San Francisco has around 359,673 households. A little over 37% of these households are occupied by their respective owners. Homeowners in the city have an average home value of $1,009,500. This means that more than half of the homes in the city are well above the HECM reverse mortgage lending limit of $765,600. However, just because a borrower is above the lending limit does not disqualify him for a reverse mortgage. It only means that the assessed value of his home (and therefore the maximum proceeds of his loan) cannot go beyond the lending limit. To bypass the lending limit, an eligible borrower can opt for a jumbo reverse mortgage instead of an HECM. While this should allow the homeowner to make the most out his home equity, there are downsides to a jumbo reverse mortgage as well, which a San Francisco reverse mortgage lender can easily explain.
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.
Calculate How Much You Qualify For
The Best Reverse Mortgage Company in San Francisco
No one should have to feel like they don’t have enough money to cover standard bills. This is especially true for retired seniors. If you’re retired and struggling to make ends meet, then it is time to consider applying for a reverse mortgage. This is an easy way to receive a monthly payment or line of credit that can change your financial life. At South River Mortgage, we have the experience you need to receive the policy that fits your needs the best. Here’s what you need to know about our reverse mortgage services in San Francisco.
How Can a Reverse Mortgage Help You in San Francisco
It is important to understand that a reverse mortgage isn’t like your standard loan. It’s based on the equity of your home. For many seniors, the thought of moving out of your home isn’t part of your choice plans. That makes you a perfect candidate for an equity loan.
You likely have a lot of equity built up in your home. Yet, since you don’t plan on moving, that money is just laying there. A reverse mortgage from our reverse mortgage brokers in San Francisco allows you to access that money, but first, it is important to understand all the details.
The best part of a reverse mortgage is that you don’t have to pay it back in your lifetime. Unless you move from the house, the loan won’t be paid back until after you have passed and your children sell the house. They are entitled to all remaining proceeds once the loan has been paid off, and will never owe more than the house is worth, ensuring they are protected.
A reverse mortgage is extremely beneficial because it gives you a monthly payment that you can use for bills, savings, or even investing. Working with our reverse mortgage brokers in San Francisco can give you financial freedom and peace of mind.
Why Our Reverse Mortgage Brokers are the Experts in San Francisco
If you’re thinking about applying for a reverse mortgage in San Francisco, then you need to make sure that you have a broker you can trust. Our company should be your first choice. For years, we’ve been helping seniors secure their retirement. Our experience is vital in ensuring your financial matters are handled professionally and safely.
When you choose our reverse mortgage brokers services in San Francisco, you will receive a plan with rates catered to your situation. We believe in being transparent and upfront with our borrowers, so there are never any surprises. We want to help our clients boost their financial stability and we do so through a step by step process.
Try Our Services in San Francisco Today
To see if a reverse mortgage is right for your situation in the San Francisco area, give us a call. Our expert team is eager to meet you and work with you to unlock your financial freedom
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HUD-Approved Counseling Agencies in San Francisco, 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 San Francisco 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
