Bellingham 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 Bellingham 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)
Bellingham Reverse Mortgage Facts
| City | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Bellingham (est) | Avg. Home Value |
|---|---|---|---|---|---|
| Bellingham | 4,988 | 15 | 0 | 8 | $431,900 |
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 Bellingham 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 Bellingham
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.
Bellingham Details
Bellingham is a moderately-sized college town in the Pacific Northwest, nearly evenly situated between Seattle to the south and Vancouver, British Columbia to the north. Prior to the first European settlers arriving in the area in 1858, the settlement now known as Bellingham was home to members of the Lummi and other neighboring tribes. The Fraser Canyon gold rush in the late 1850s rapidly transformed Bellingham from a small settlement to a very active seaport.
Bellingham was officially incorporated as a city in 1903, the result of a gradual consolidation of four smaller settlements. Today, its primary employer is PeaceHealth St. Joseph Medical Center, although the city’s history includes coal mining and evolving into a modern economy as railroads and highways improved access.
Situated just 20 miles from the Canadian border, Bellingham sees locals on both sides of the border frequently visiting each other’s countries for shopping or enjoying the natural beauty.
As a college town, Bellingham is home to Western Washington University (WWU), the northernmost university in the contiguous United States. The university’s naturalistic campus blends seamlessly with the surrounding environment, making it a vibrant part of the community.
Bellingham also boasts a lively local arts scene, with numerous small theaters and film festivals throughout the year. Historic Downtown Bellingham, the Fairhaven Historic District, and Sehome offer a unique identity with their early-to-mid-20th-century architecture, creating a vibrant atmosphere filled with shops, hotels, and eateries.
Bellingham is a city that celebrates its natural beauty, with top destinations like Whatcom Falls and Boulevard Parks. Trails around Lake Padden and Chuckanut Drive are popular with locals and visitors alike. Museums such as the Whatcom Museum and the Spark! Museum of Electrical Invention highlight the area’s unique history.
In terms of climate, Bellingham aligns with the rest of the Puget Sound region. It enjoys mild temperatures, with average summer highs around 72°F and winter lows around 32°F. The city experiences an average annual rainfall of 34.84 inches, slightly less than Seattle, with occasional cold northeastern winds coming down from Canada.
Bellingham Lending Limits
Bellingham, Washington, is a scenic city near the Canadian border known for its strong sense of community and natural beauty. With a population of over 92,000, Bellingham is home to a thriving senior population. According to U.S. Census Bureau data, 13% of Bellingham’s residents are aged 65 or older, and about 71% of these seniors are homeowners. This creates a substantial community of senior homeowners who may benefit from exploring reverse mortgage options to support their retirement needs.
As of January 2024, Bellingham’s median home value is $596,189, reflecting an 8.9% increase over the past year. This value is well within the federal reverse mortgage lending limit of $1,149,825, making Home Equity Conversion Mortgages (HECMs) an option for many homeowners. For those with homes valued above this limit, jumbo reverse mortgage programs are available, providing greater access to home equity.
For senior homeowners in Bellingham, a reverse mortgage could be a valuable tool to supplement retirement income, eliminate monthly mortgage payments, or establish a line of credit. While reverse mortgages aren’t suitable for everyone, they can be an effective financial strategy for many homeowners, depending on their situation.
If you reside in Bellingham, All Reverse Mortgage, Inc. (ARLO™) is here to help. Access our reverse mortgage calculator to estimate your lending limit, or call us at (800) 565-1722 to discuss your options.
We’re ready to assist you in making informed decisions about your home’s equity to ensure a comfortable retirement.
