Bainbridge Island Reverse Mortgage Lenders
At All Reverse Mortgage, Inc. (ARLO™), we are proud to be Washington’s #1 Rated Reverse Mortgage Lender, as recognized by the Better Business Bureau. We have a perfect 5-star rating and an A+ exemplary score. We’ve been serving Bainbridge homeowners since 2004 and are dedicated to providing reverse mortgages that help you enjoy your retirement years with peace of mind.
We understand that you deserve the best possible rate with the lowest costs. That’s why we focus solely on reverse mortgages, ensuring you receive expert guidance every step of the way. As a HUD-approved direct lender, we offer both national HECM programs and specialized jumbo Reverse Mortgages for homeowners with higher-value properties in Washington State.
We invite you to compare our customer reviews, lower rates, and closing costs with those of any other lender. We’re confident you’ll see the difference, and we look forward to helping you achieve your financial goals.
All Reverse Mortgage, Inc. is licensed by the Department of Financial Institutions (#CL-13999)
Bainbridge Island Reverse Mortgage Facts
| City | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Bainbridge Island (est) | Avg. Home Value |
|---|---|---|---|---|---|
| Bainbridge Island | 1,992 | 146 | 0 | 112 | $962,529 |
HUD Approved Direct Lender
All Reverse Mortgage, Inc. (ARLO™) is approved by the Department of Housing and Urban Development (HUD) to originate, underwrite, and close HUD’s Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s reverse mortgage loan program.
All Reverse Mortgage of Bainbridge Island originates and closes refinance loans for homeowners who are looking to either pay off their existing loan and eliminate monthly mortgage payments, use their equity for other purposes if they have no existing loan, or a combination of both.
About All Reverse Mortgage of Bainbridge Island
The team at All Reverse Mortgage, Inc. has extensive experience, including being part of the group that introduced the first fixed-rate jumbo reverse mortgage in 2008. With this background, we are constantly exploring new products for homeowners in high-value markets where the HUD HECM may not be the best fit. Although jumbo or proprietary programs often offer lower Principal Limits relative to property values, they can be the right solution for certain borrowers.
An experienced originator can guide you through the pros and cons of each program, helping you make an informed decision. In various markets, there may be a mix of HUD HECM and niche jumbo opportunities, allowing homeowners aged 62 and above to leverage reverse mortgages as a versatile financial tool. This can be particularly valuable for those seeking to eliminate mortgage payments or establish a growing line of credit, enhancing their retirement plans.
Bainbridge Island
Bainbridge Island, shaped during the last ice age by the Vashon Glacier, is one of the largest islands in Puget Sound. Located just west of Seattle, this 17,778-acre island is home to around 24,522 residents, making it the second-largest city in Kitsap County. With its scenic beauty and proximity to Seattle, Bainbridge Island attracts commuters, many of whom work in the tech industry. The island offers a variety of dining and nightlife options, mainly concentrated in Winslow, Lynwood Center, Fletcher Bay, and Rolling Bay.
The island enjoys a mild, temperate climate, though it does experience rainy winters. Bainbridge Island receives approximately 50.2 inches of precipitation annually and has about 150 days of sunshine each year.
Lending Limits on Bainbridge Island
According to U.S. Census Bureau data, 25.7% of Bainbridge Island’s population is 65 or older, and 79% of this senior population are homeowners. This creates a strong community of long-term residents, many of whom may be eligible for a reverse mortgage.
As of January 2023, the median home price on Bainbridge Island is $962,529, according to the Zillow Home Value Index, reflecting a 13.6% increase over the past year. Many homes in this area fall within the federal reverse mortgage lending limit of $1,149,825. However, for homes that exceed this value, a jumbo reverse mortgage could be a better option to access additional home equity.
If you’re a Bainbridge Island homeowner interested in using a reverse mortgage to supplement your retirement, consider the benefits of a HECM or jumbo reverse mortgage. While reverse mortgages aren’t suitable for everyone, they can provide financial flexibility for many retirees.
All Reverse Mortgage, Inc. (ARLO™) is here to help if you reside in Bainbridge Island. Access our online reverse mortgage calculator to estimate your lending limit, or call us Toll-Free at (800) 565-1722.
We’re ready to assist you in making informed decisions to ensure you can continue enjoying your retirement.
