Scottsdale Reverse Mortgage Lender

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Scottsdale 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 Scottsdale reverse mortgage lender, offering a variety of reverse mortgage products 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 Scottsdale reverse mortgage lender, dedicated to helping senior homeowners have the best retirement experience that they can afford. 

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 Scottsdale 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 Scottsdale 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 Scottsdale 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 Scottsdale 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.

Scottsdale Lending Limit

The most affluent large city in Arizona, Scottsdale is a year-round destination known for its luxurious desert resorts and spas, upscale restaurants and nightclubs, high-end shopping, and magnificent art galleries. The wide variety of attractions easily makes Scottsdale a popular vacation spot for both the young and the retirees.

The city is loosely divided into four areas: (1) South Scottsdale (McKellips Road north to Thomas Road); (2) Old Town Scottsdale (aka Downtown Scottsdale); (3) Central Scottsdale (aka Shea Corridor); and (4) North Scottsdale. Each area has its unique vibe that draws a multitude of people from different countries. For example, in North Scottsdale, visitors can experience world-class golf courses like TPC Scottsdale, Troon North, and Grayhawk, as well as scenic tourist spots like Pinnacle Peak Park and McDowell Mountain Regional Park.

Scottsdale is also home to more than a hundred art galleries and museums, including the Western Spirit: Scottsdale’s Museum of the West and the Scottsdale Museum of Contemporary Art. For more than 30 years, Scottsdale’s Art District has hosted one of the nation’s oldest art walks, wherein visitors can see an array of works created by international and local artists. This weekly activity allows visitors to mingle with gallery owners, artists, professional dealers, and other art aficionados.

Moreover, Scottsdale regularly hosts major events that include the Waste Management Phoenix Open Golf Tournament at TPC Scottsdale and the esteemed Barrett-Jackson car auction.

Even if visitors do not get a chance to witness or participate in these major events, they can still have a great time visiting Scottsdale’s numerous upscale restaurants and nightclubs. The city is home to over 600 restaurants, as well as the award-winning Le Cordon Bleu Culinary Institute that regularly produces many of Arizona’s popular chefs and food-industry professionals.

Scottsdale is ranked as the fifth most populous city in Arizona with 258,069 residents as of 2019, with approximately 23% or 60,388 residents aged 65 years and above, and 65% or 167,745 residents owning the house that they are currently occupying. With that said, a significant portion of residents could be eligible to contract a loan with a Scottsdale reverse mortgage lender.

According to the US Census Bureau, owner-occupied homes in Scottsdale have an average value of $455,900, and homeowners with traditional mortgages spend an average of $2,123 per month on ownership-related costs, such as mortgage payments, insurance, and taxes. To avoid a significant portion of these costs, eligible borrowers could forego their traditional mortgages and deal with a Scottsdale reverse mortgage lender instead. Moreover, considering the value of the average home in Scottsdale, many of these eligible borrowers do not even have to worry about the HECM lending limit of $765,600, which Scottsdale reverse mortgage lenders are bound to observe. This makes standard HECM loans a viable option for most eligible borrowers. However, for borrowers fortunate enough to have homes valued above the average, they can opt for a jumbo reverse mortgage instead if they want to make full use of their home equity. On the other hand, for borrowers who want to downsize during their retirement years, they can also consider getting an HECM for Purchase.

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 Scottsdale, Arizona

Counseling Agency Name Phone Number Address Website
WESTERN ARIZONA COUNCIL OF GOVERNMENTS HOPE - HECM(928) 217-7161
1235 S REDONDO CENTER DR YUMA, AZ 85365-2039
https://www.wacog.com
TAKE CHARGE AMERICA
(623) 266-6149
20620 N 19TH AVE PHOENIX, AZ 85027-3585
www.takechargeamerica.org
CREDIT.ORG - MESA
(855) 736-7729
4140 E BASELINE RD STE 101 MESA, AZ 85206-4413
https://credit.org
ADMINISTRATION OF RESOURCES AND CHOICES
(520) 623-9383 SUITE 219 3003 S. COUNTRY CLUB ROAD TUCSON, AZ 85713-4082
https://www.nfcc.org

Why South River Mortgage?

South River Mortgage is a leading Scottsdale 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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