Southrivermortgage.com

Reverse Mortgage Specialists | Top Reverse Mortgage

South River Mortgage is a provider of reverse mortgage services & solutions. If you’re looking to get a reverse mortgage, contact our experts today!

Actived: Monday Nov 30, 2020

URL: https://southrivermortgage.com/

Reverse Mortgage Specialists | Top Reverse Mortgage

Details: South River Mortgage is a provider of reverse mortgage services & solutions. If you’re looking to get a reverse mortgage, contact our experts today!

› Verified 2 days ago

› Url: https://southrivermortgage.com/ Go Now

› Get more:  MortgageGo Now

HECM For Purchase | HECM For Purchase Loans | South River

Details: How much is the initial insurance premium? As mandated by law, the initial insurance premium will be equivalent to two percent of the maximum claim amount of the H4P Mortgage. This amount needs to be paid by the borrower but will be remitted by the lender to the proper authorities within 15 days from the date of closing.

› Verified 8 days ago

› Url: https://southrivermortgage.com/hecm-for-purchase/ Go Now

› Get more:  MortgageGo Now

HECM Reverse Mortgage | Best Home Equity Conversion

Details: The FHA insurance secures borrowers from lender failure and secures lenders from potential loss at the time of foreclosure. In contrast, other reverse mortgage loans, such as propriety reverse mortgages or jumbo reverse mortgages, are backed by private companies instead of the FHA. However, the upside to these reverse mortgages is that they are

› Verified 4 days ago

› Url: https://southrivermortgage.com/hecm-reverse-mortgage/ Go Now

› Get more:  Mortgage,  LoansGo Now

Reverse Mortgage on Condominiums: Requirements Explained

Details: Insurance Premiums On Condominiums. Condo insurance otherwise known as HO-6 insurance policy usually comes at an average fee of $478 per year. However, this fee is not a flat one and varies significantly depending on the area where you reside and your choice of coverage limits.

› Verified 3 days ago

› Url: https://southrivermortgage.com/condominium-qualifications-for-a-reverse-mortgage/ Go Now

› Get more:  CondoGo Now

Reverse Mortgage HECM vs HELOC - South River Mortgage

Details: Many older homeowners typically consider two mortgage products as tools to supplement their retirement, a HECM or a HELOC. A Home Equity Conversion Mortgage (HECM), or reverse mortgage, is a federally insured loan designed to provide seniors with access to their home’s equity either through a lump sum, monthly payments or a line of credit.

› Verified 2 days ago

› Url: https://southrivermortgage.com/hecm-vs-heloc/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

FAQ: HECM and Other Reverse Mortgage Loans

Details: Currently, credit score is not a requirement for a reverse mortgage. Note: a credit score assessment will be utilized to ensure that the borrower can still maintain to pay the obligations of a reverse mortgage. These obligations are the continuation of paying property taxes, homeowners’ insurance, and maintaining the home. 5.

› Verified 1 days ago

› Url: https://southrivermortgage.com/FAQ/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage Pros and Cons

Details: the proceeds are less than the balance, in which case the lender can only recover the deficiency from the loan insurance. In all these scenarios, your heirs stay absolutely free from any liability beyond the value of your house. Does not affect Social Security Retirement, Social Security Disability, or Pension Income.

› Verified 12 days ago

› Url: https://southrivermortgage.com/reverse-mortgage-pros-and-cons/ Go Now

› Get more:  Insurance QuotesGo Now

Steps in the Reverse Mortgage Process - South River Mortgage

Details: Homeowner’s insurance policy (copy of declaration page only) Most recent statement for any mortgages, home equity line of credit, or other liens; Documentation to support income and financial asset resources; Authorization to request a credit report; 4. Appraisal Process

› Verified 8 days ago

› Url: https://southrivermortgage.com/steps-in-the-reverse-mortgage-process/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

FAQ - South River Mortgage

Details: Reverse mortgages are a widely unknown topic and have many myths surrounding them. Here at South River Mortgage we want you to know exactly what a reverse mortgage is and why you should or should not consider obtaining a reverse mortgage. Below is a list of frequently asked questions we hear from our customers on a day to day basis:

› Verified 1 months ago

› Url: http://staging.southrivermortgage.com/faq/ Go Now

› Get more:  MortgageGo Now

Giving back - South River Mortgage

Details: (As with any mortgage, she must meet her loan obligations, keeping current with property taxes, homeowners insurance and any homeowners association fees, and keeping her home in good condition.) Read More. The Result. Frances is able to keep more money in her pocket each month.

› Verified 7 days ago

› Url: https://southrivermortgage.com/giving-back/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

What Is a Reverse Mortgage? - South River Mortgage

Details: However, you are still liable for paying property taxes and homeowners’ insurance. Get Started Today. A reverse mortgage in simple terms is a loan. However, it is one that is only available to homeowners that are 62 or older. This loan requires no monthly payment and is typically repaid when the homeowner dies, relocates permanently, or sells

› Verified 4 days ago

› Url: https://southrivermortgage.com/what-is-a-reverse-mortgage/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

What is reverse mortgage counseling? - South River Mortgage

Details: The FHA insurance is legally required and serves a very important purpose. It protects you and other borrowers from lender failure and limits your liability for the debt to the value of your house. These closing costs may seem a bit pricey but, luckily, you will not have to pay the entire amount out of pocket.

› Verified 6 days ago

› Url: https://southrivermortgage.com/what-is-reverse-mortgage-counseling/ Go Now

› Get more:  Insurance QuotesGo Now

Jumbo Reverse Mortgages | Jumbo Reverse Mortgage Lenders

Details: The upfront mortgage insurance that usually requires paying with the HECM loan is calculated to be around 2% of home value while the lending limit of $765,600 still persists. This implies that borrowers using the jumbo program would save $15,312.00 on closing costs as against the HECM.

› Verified 7 days ago

› Url: https://southrivermortgage.com/jumbo-reverse-mortgage/ Go Now

› Get more:  Mortgage,  LendingGo Now

FHA Second Appraisal Guidelines for a Reverse Mortgage

Details: These regulations are intended to reduce risk to the Mutual Mortgage Insurance Fund, which is a federal fund that insures mortgages guaranteed by the FHA. Borrowers fund this reserve through a one time upfront premium, as well as annual mortgage insurance premiums.

› Verified 27 days ago

› Url: https://southrivermortgage.com/second-appraisals-for-a-reverse-mortgage/ Go Now

› Get more:  MortgageGo Now

Credit Review for a Reverse Mortgage

Details: When conducting a financial assessment, lenders will analyze a two-year history of accounts including credit, taxes/homeowner’s insurance, and HOA. The borrower’s credit is considered to be satisfactory if all housing payments and debt installments have been paid off on time for the past 12 months.

› Verified 3 days ago

› Url: https://southrivermortgage.com/credit-review-for-a-reverse-mortgage/ Go Now

› Get more:  HomeownerGo Now

What Happens After Death with a Reverse Mortgage?

Details: The borrower’s name/names remain on the title; meaning they are still responsible for paying basic homeowner fees such as insurance, real estate taxes, and other maintenance costs. Additionally, the borrower retains the rights to make decisions regarding their home.

› Verified 15 days ago

› Url: https://southrivermortgage.com/what-happens-after-death-with-a-reverse-mortgage/ Go Now

› Get more:  HomeownerGo Now

Reverse Mortgage Example

Details: This implies that if there is some money that you can access on your line, then that amount would be growing by the interest rate as well as the rate of annual mortgage insurance accrual. So, for a $250,000 line of credit with a 5% interest in addition to the MIP accrual rate, this would result in about $10,000 in the first growth year.

› Verified 2 months ago

› Url: https://southrivermortgage.com/reverse-mortgage-example/ Go Now

› Get more:  MortgageGo Now

Banks That Offer Reverse Mortgages (Updated 2020)

Details: The distinct difference that sets banks and non-bank finance companies apart is that banks have a lot more regulation to deal with. In addition, the Federal Deposit Insurance Corporation (FDIC) is in the picture and they carry some insurance for customer deposits from there.

› Verified 7 days ago

› Url: https://southrivermortgage.com/banks-that-offer-reverse-mortgage/ Go Now

› Get more:  Bank,  FinanceGo Now

Reverse Mortgage Brokers & Lenders Mesa, AZ - South River

Details: The average home in Mesa is valued at $209,700. Moreover, homeowners withy traditional mortgages typically spend around $1,410 per month on ownership-related costs, such as mortgage payments, real property taxes, and homeowner’s insurance, according to the US Census Bureau. These homeowners can save quite a significant amount of money if they

› Verified 6 days ago

› Url: https://southrivermortgage.com/mesa-reverse-mortgage-lender/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

How long can you stay in your house with a reverse mortgage?

Details: That they are willing and able to fulfill the ongoing requirements of the reverse mortgage, i.e. the timely payment of property taxes and insurance premiums, and the good maintenance of the mortgaged property.

› Verified 17 days ago

› Url: https://southrivermortgage.com/how-long-can-you-stay-in-your-house-with-a-reverse-mortgage/ Go Now

› Get more:  MortgageGo Now

Making Payments on a Reverse Mortgage

Details: You would also be obligated to continue to pay homeowner insurance, property taxes, as well as homeowner association dues (if any) as well as maintain the property. Is There a Time Limit On Reverse Mortgages? Reverse mortgages do not come with a time limit. However, they typically become due when the last existing homeowner vacates the

› Verified 3 days ago

› Url: https://southrivermortgage.com/making-payments-on-a-reverse-mortgage/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Is there a time limit on a reverse mortgage?

Details: Instead, the loan insurance covers the difference. For example, if the loan balance at the time of the homeowner’s death amounts to $50,000 and the mortgaged property was foreclosed and sold for only $30,000, the heirs of the homeowner cannot be held liable for the remaining $20,000. Instead, the proceeds of the reverse mortgage loan

› Verified 15 days ago

› Url: https://southrivermortgage.com/is-there-a-time-limit-on-a-reverse-mortgage/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Why A Reverse Mortgage is a Savvy Choice

Details: In short, you get full control of your house and you will just pay your taxes, homeowner’s insurance, and maintenance. Very Flexible. Most loans have strict rules and regulations, but that’s not the case with the reverse mortgage. However, you will have to follow the basic guidelines, but in return you receive amazing flexibility.

› Verified 2 months ago

› Url: https://southrivermortgage.com/why-a-reverse-mortgage-is-a-savvy-choice/ Go Now

› Get more:  Mortgage,  Loans,  HomeownerGo Now

Giving back - South River Mortgage

Details: South River Mortgage maintains a strong philanthropic principle and gives back to the community whenever possible. Our core focus is to support senior

› Verified 7 days ago

› Url: http://staging.southrivermortgage.com/giving-back/ Go Now

› Get more:  MortgageGo Now

Reverse Mortgage Brokers & Lenders Tempe, AZ - South River

Details: 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.

› Verified 4 days ago

› Url: https://southrivermortgage.com/tempe-reverse-mortgage-lender/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage Loans - South River Mortgage

Details: Our reverse mortgage brokers will help you choose the right loan option for your particular need. Our tailored solutions focus on meeting your needs while mitigating all potential risks.

› Verified 5 days ago

› Url: http://staging.southrivermortgage.com/reverse-mortgage-loan-options/ Go Now

› Get more:  MortgageGo Now

Upsides To a Reverse Mortgage

Details: Besides, homeowners are expected to pay property taxes, homeowners insurance, retain homeownership, and keep their house in a good state. With a reverse mortgage loan, the amount the borrower owes to the lender keeps on increasing over time and not vice versa. This is due to the addition of interest and fees to the loan balance every month.

› Verified 3 days ago

› Url: https://southrivermortgage.com/upsides-to-a-reverse-mortgage/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Gilbert Reverse Mortgage Lender - South River Mortgage

Details: According to the US Census Bureau, resident homeowners with a traditional mortgage spend an average of $1,739 per month on ownership-related costs, such as mortgage payments, insurance premiums, and utilities. Reverse mortgage eligible homeowners can avoid a significant portion of these ownership costs if they deal with a Gilbert reverse

› Verified 2 months ago

› Url: https://southrivermortgage.com/gilbert-reverse-mortgage-lender/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Reverse Mortgage Brokers & Lenders Scottsdale, AZ - South

Details: 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

› Verified 11 days ago

› Url: https://southrivermortgage.com/scottsdale-reverse-mortgage-lender/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

How Does a Reverse Mortgage Work?

Details: Borrowers must meet a basic financial assessment to ensure that they will be able to pay for their homeowner’s insurance and property taxes after obtaining the reverse mortgage. The home must be in good condition, and any safety hazards should be fixed before closing.

› Verified 14 days ago

› Url: https://southrivermortgage.com/how-does-a-reverse-mortgage-work/ Go Now

› Get more:  Mortgage,  HomeownerGo Now

Can a home with a reverse mortgage be foreclosed?

Details: A borrower is in default when he fails to comply with the ongoing conditions of the reverse mortgage, namely the continued payment of real property taxes and homeowner’s insurance, as well as the continued upkeep or maintenance of the home so that it complies with the government-imposed standards.

› Verified 5 days ago

› Url: https://southrivermortgage.com/can-a-home-with-a-reverse-mortgage-be-foreclosed/ Go Now

› Get more:  Mortgage,  HomeownerGo Now