Santa Barbara Reverse Mortgage Lender

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Santa Barbara 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 Santa Barbara 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.

About South River Mortgage

South River Mortgage is a reverse mortgage lender in Santa Barbara, 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 Santa Barbara 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 Santa Barbara 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 Santa Barbara 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 Santa Barbara, 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.

Santa Barbara Lending Limit

Situated on a pristine stretch of California’s central coastline and between the Pacific Ocean and the Santa Ynez Mountains, the city of Santa Barbara enjoys a nearly perfect year-round climate. It also has the Golden State’s Spanish influence, laid-back vibe, and an upscale sensibility, making it the ideal place for people of all ages.

Over the years. Santa Barbara has received much recognition for quality living conditions. The city has ranked first in Best Places to Live for Quality of Life, fourth in Best Places to Live in California, and seventh in Safest Places to Live in the United States. It has been described as the “American Riviera,” a “playground for the rich and famous” and, quite simply, “paradise.”

Downtown Santa Barbara features Mediterranean-style stucco buildings with red tile roofs, reflecting the city’s Spanish colonial heritage. That motif, especially the red tile roofs, is visible throughout the city. The area welcomes hundreds of visitors during annual events such as the Summer Solstice Celebration, the Santa Barbara International Film Festival, and the Old Spanish Days Fiesta.

Santa Barbara is hosts many oceanic attractions. This includes kayaking through caves and snorkeling in pristine waters of the Channel Islands National Park; whale watching in Santa Barbara’s coastal waters; and enjoying the scenic views in Sea Center, where visitors are allowed to touch baby sharks, feel the tentacles of a sea anemone, hold hermit crabs, and observe alien-like jellyfish.

Unlike other cities, Santa Barbara has a quite small number of residents. According to World Population Review, the city currently has a population of 91,340, which is declining at an approximate rate of -0.01% annually.

Around 18% of the entire population or 16,446 people are seniors aged 62 and older. Many of these seniors occupy their own homes and are eligible for a loan with a Santa Barbara reverse mortgage lender.

The average home in Santa Barbara is valued at around $993,600. There are 36,699 total households in the area, with a little over 41% of these homes occupied by their respective owners.

Eligible reverse mortgage borrowers in the area may want to speak to a Santa Barbara reverse mortgage lender to learn about the many benefits that they can enjoy with the right reverse mortgage loan. Since most homes in the city are above the HECM lending limit of $765,600, many eligible borrowers may want to opt for a jumbo reverse mortgage so that they can tap into a bigger portion of their home equity. For homeowners who more modest homes, a standard HECM loan may be the best option. Lastly, for homeowners who are interested in downsizing for retirement, they may choose 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 for your home so that you can live comfortably and securely throughout your retirement years.

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HUD-Approved Counseling Agencies in Santa Barbara, California

Counseling Agency
Name
Phone number AddressWebsite
GUIDEWELL FINANCIAL SOLUTIONS(323) 637-0847
SUITE 225 1050 LAKES DR WEST COVINA,
CA 91790-2924
https://www.cccsmd.org
NEIGHBORWORKS ORANGE COUNTY
(714) 490-1250128 E KATELLA AVE STE 200 ORANGE, CA 92867-4850https://nwoc.org
NATIONAL ASSOCIATION OF REAL ESTATE BROKERS-INVESTMENT DIVISION, INC
(510) 268-97927677 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
CABRILLO ECONOMIC DEVELOPMENT CORPORATION
(805) 659-3791
702 COUNTY SQUARE DRVENTURA, CA 93003-5450https://www.cabrilloedc.org
CREDIT.ORG
(800) 947-3752
4351 LATHAM ST RIVERSIDE, CA 92501-1749https://credit.org
INLAND FAIR HOUSING AND MEDIATION BOARD
(909) 984-2254
1500 S HAVEN AVE STE 100 ONTARIO, CA 91761-2970
https://www.ifhmb.com
CREDIT.ORG - RIVERSIDE
(800) 947-3752
4351 LATHAM ST RIVERSIDE, CA 92501-1749
https://credit.org
CREDIT.ORG - LADERA
(844) 263-9857
555 CORPORATE DR STE 110 LADERA RANCH, CA 92694-2177
https://credit.org
VENTURA COUNTY COMMUNITY DEVELOPMENT CORPORATION
(805) 273-78002231 STURGIS ROAD, SUITE AOXNARD, CA 93030-7813https://vccdc.org
PROJECT SENTINEL
(408) 470-3730
554 VALLEY WAY MILPITAS, CA 95035-4106https://www.housing.org
NEIGHBORHOOD PARTNERSHIP HOUSING SERVICES, INC.
(909) 988-59799551 PITTSBURGH AVE RANCHO CUCAMONGA, CA 91730-6008https://nphsinc.org
CCCS OF SAN FRANCISCO(800) 777-7526
1390 MARKET STREET, SUITE 200SAN FRANCISCO, CA 94102-5404
https://sfmohcd.org

Why South River Mortgage?

South River Mortgage is a leading Santa Barbara 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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