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 Tempe 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.
South River Mortgage is a Tempe 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 Tempe 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 Tempe 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 Tempe 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 Tempe 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.
Tempe, a city in Maricopa County, Arizona, is known for its active lifestyle and educational opportunities.
It sits right in the middle of the Phoenix metro area and is surrounded by well-known cities in Arizona (Phoenix and Guadalupe on the west, Scottsdale on the north, Chandler on the south, and Mesa on the east). As such, it serves as an ideal home base for tourists who want to enjoy a quality vacation in the metro area.
Tempe offers a year-round tourist experience with its special events, including the Four Peaks Oktoberfest at Tempe Town Lake, the Arizona Dragon Boat Festival, and the Rock ‘n’ Roll Arizona Marathon.
Tempe is also home to one of the country’s largest public research universities, Arizona State University (ASU). The university has remained the centerpiece of the local community for an exceptionally long time due to its prestigious history, earning many national and international awards and rankings. For example, ASU has ranked 1st in the US for Innovation, and 1st in the US and 5th in the world for Global Impact in Research, Outreach, and Stewardship. The quality education provided by ASU is probably the reason why Tempe is also known for having one of the lowest unemployment rates in the country.
Tempe is one of the most populous cities in Arizona, with a population of 194,218 as of 2020. According to the World Population Review, it is currently growing at a rate of 0.48% annually, and its population has increased by 20.10% since the 2010 census. There are approximately 18,417 senior citizens that call Tempe home. Considering that these senior citizens comprise around 10% of the city’s population, it is almost certain that Tempe has a bustling senior community.
According to the 2010 census, there are around 63,602 households in Tempe. The average home is valued at around $255,800. A little over 40% of these households are occupied by their respective owners and around 5% are occupied by senior citizens who are living alone. Moreover, Tempe homeowners typically pay around $1,426 per month in ownership-related costs, such as traditional mortgage payments, insurance premiums, real property taxes, and maintenance expenses.
Based on these figures, there should be around 3,180 senior homeowners in Tempe. Senior homeowners who are still paying off a traditional mortgage can save a significant amount of money per month if they opt to deal with a Tempe reverse mortgage lender instead of a traditional one.
Many of these homeowners can even avail of the standard HECM program considering that the value of their home will likely not exceed the FHA-imposed lending limit that Tempe reverse mortgage lenders are bound to observe. Seniors fortunate enough to have a home valued above the said lending limit and who want to make the most out of their home equity may want to ask their Tempe reverse mortgage lender about the jumbo reverse mortgage program. Finally, seniors planning to downsize for retirement may want to look into the HECM for Purchase program 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.
Let's get you the best possible quote on a reverse mortgage. (Instant quote in just 3 steps)
|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|
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
This past year has put a strain on a lot of Americans’ financial stability. If you’re like nearly three million American homeowners, you eased the