Tucson Reverse Mortgage Lender

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Tucson 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 Tucson 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 Tucson, 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 Tucson 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 Tucson 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 Tucson 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 Tucson, 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.

Tucson Lending Limit

Tucson is the county seat of Pima County and the second largest city in Arizona. It is known as the fastest growing retirement community in United States because of its warm temperature, beautiful scenery, delectable food, and spacious . Like Phoenix and any other neighboring cities, Tucson is also blessed with ample sunshine since it has almost 300 sunny days a year.

Tourism is a major industry in Tucson, bringing in $2 billion per year and over 3.5 million visitors annually. It owes its steady influx of tourists to its beautiful geographic formations and beautiful scenery. The place is on an alluvial plain in the Sonoran Desert and is surrounded by five minor mountain ranges which highlight the great desert skies and sunsets. Not only that, the area also has numerous resorts, hotels, and attractions including the Tucson Gem and Mineral Show. There are also plenty of options to choose from in terms of scenic parks and other natural attractions. Visitors can drop by the Arizona-Sonora Desert Museum, Tohono Chul Park, Tucson Botanical Gardens, and Biosphere 2. They can also take a day hike around scenic Sabino Canyon and Pusch Ridge or wander the near Saguaro National Monument.

Tucson is also well-known for the “Saguaro cactus,” a monolithic, sub-tropical plant that can be seen along desert roads and nestled at the base of the city’s hillsides and mountains. The Saguaro cactus became an icon of the American West and a symbol of Tucson, as seen in the Saguaro National Monument.

Tucson’s local delicacy is popular for its Mexican Food.– There are countless taco stands, carts, Mexican eateries throughout the city, serving everything from casual Sonoran-style grub to authentic Mexico-style street fare.

Tucson is the second most populous city in Arizona. Of the 539,216 people that call Tucson home, there are approximately 76,182 residents (13.9%) who are 65 years old and above. Around 50% of these senior citizens own their current residence and may therefore be eligible for reverse mortgage loans.

On average, homeowners in Tucson with a traditional monthly mortgage make monthly payments of $1,159, according to US Census Bureau. Eligible borrowers can easily avoid these monthly payments if they deal with a Tucson reverse mortgage lender instead of a traditional mortgage lender. In fact, even if you already have a traditional mortgage, you can still make a deal with a Tucson reverse mortgage lender, provided that you use the proceeds of the reverse mortgage loan to first pay off the remaining balance of the traditional mortgage.

Moreover, the average owner-occupied home in Tucson is valued at $146,500, which is 28.5% less expensive than the average US home value of $204,900. This means that eligible borrowers for a reverse mortgage need not worry about the HECM lending limit that is currently set at $765,600.

Eligible borrowers whose home value is below the HECM lending limit that we, as a Tucson reverse mortgage lender must observe, can fully enjoy the benefits of an HECM loan. While those fortunate enough to have homes valued above the HECM lending limit may tap into more of their home equity if they choose to get a jumbo reverse mortgage 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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Tucson, Arizona Reverse Mortgage Lender

HUD-Approved Counseling Agencies in Tucson, 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 Tucson 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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