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 Jose 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 San Jose 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 San Jose 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 Jose 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 San Jose 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 San Jose 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.
San Jose is a city located in Santa Clara, California. Nicknamed as the Capital of Silicon Valley, the city serves as a global center for technology and innovation due to having a large concentration of high-tech engineering, computer, microprocessor companies, and computer-related industries.
Tech giants like PayPal, Cisco Systems, eBay, Acer Adobe Inc., Broadcom, Samsung, and Zoom are only a few of the city’s major tech companies. Due to the concentration of these companies, San Jose is known as one of the wealthiest major cities in the US and one with the highest GDP per capita cities around the world.
Life in San Jose is also infused with technology. Some of its more innovative features include the ultramodern VTA light rail, interactive museums, tech giant campuses, and Cinequest, the city’s virtual reality movie festival.
Although the tech industry is its most defining feature, San Jose also has a number of other attractions, such as luxury malls, sports venues, dining scenes, cultural offerings, and tourist spots like the Tech Interactive, the Winchester Mystery House, the Rosicrucian Egyptian Museum, the San Jose Museum of Art, and Santana Row.
San Jose also has a number of popular sports teams, such as the San Francisco 49ers of the National Football League, the San Jose Sharks of the National Hockey League, the San Jose Earthquakes of Major League Soccer, and the San Jose Barracudas of the American Hockey League.
San Jose is the third largest city in California and the tenth largest city in the United States. As of 2020, it has a total population of around 1,033,670 and it is currently growing at a rate of 0.17% annually, according to the World Population Review. Out of the total population, 793,633 are adults and 125,171 are seniors. Moreover, a little over 57% of San Jose residents own and occupy their own homes. Based on the foregoing, there should be several thousand resident senior citizens who are eligible to borrow from a San Jose reverse mortgage lender.
The average value of a San Jose home that is occupied by its own owner is $793,100, according to the United States Census Bureau. This means that the average owner-occupied home in San Jose is above and beyond the HECM lending limit that San Jose reverse mortgage lenders are legally obliged to observe. In this case, it may be more beneficial for eligible borrowers to get a jumbo reverse mortgage instead of a standard HECM since it would allow them to bypass the lending limit and get more out of their home equity. However, for homeowners who just want to downsize for their retirement years, they may want to get a HECM for Purchase instead.
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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|Counseling Agency |
|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
For many people, aging in place can provide a higher quality of life than living in a senior care facility. It is not the best