![]() ![]() 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. 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. 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.īased on these figures, there should be around 3,180 senior homeowners in Tempe. 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. The average home is valued at around $255,800. Considering that these senior citizens comprise around 10% of the city’s population, it is almost certain that Tempe has a bustling senior community.Īccording to the 2010 census, there are around 63,602 households in Tempe. There are approximately 18,417 senior citizens that call Tempe home. 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. Tempe is one of the most populous cities in Arizona, with a population of 194,218 as of 2020. 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. 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 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. Tempe is also home to one of the country’s largest public research universities, Arizona State University (ASU). 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. As such, it serves as an ideal home base for tourists who want to enjoy a quality vacation in the metro area. ![]() 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). Tempe, a city in Maricopa County, Arizona, is known for its active lifestyle and educational opportunities. Borrowers who intend to downsize or move to a different neighborhood will likely get the most out of this type of loan. 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. 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. 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. 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. 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.Īs already mentioned, the HECM is a reverse mortgage loan regulated and insured by the government.
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