Compare Albany's Best Reverse Mortgages
Albany Reverse Mortgage Lenders
We are proud to be Oregon's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, including Albany, OR.
All Reverse began in 2004 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to Albany homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
Albany Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Albany (est)||Avg. Home Value|
HUD Approved Direct Lenders
United Southwest and All Reverse are approved lenders with HUD (Department of Housing and Urban Development) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.
All Reverse Mortgage originates in Albany and closes both refinance loans where borrowers already own their home and are looking either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan or possibly a combination of both.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer much lower Principal Limits as they relate to values though so not all borrowers are better served with the jumbo programs.
Only a seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of the existing mortgage payments to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their family home, but to plan for the future as well.
Officially incorporated as a city in the state of Oregon in 1864, Albany is the 11th largest city in Oregon by population. Compared with other incorporated cities throughout the Pacific Northwest, Albany has one of the shorter recorded periods between its initial settlement by early European colonists and its ultimate incorporation at less than 20 years. A smallpox epidemic brought about by the arrival of European settlers unfortunately decimated the Native American population in the late 1780s, which was followed by a malaria outbreak in the 1830s.
Both events are believed to have contributed to the tragic deaths of as much as 90 percent of the native people. When European colonists began settling in the largely vacant area the following decade, they began to establish infrastructure such as businesses and residences before some of the earliest settlers christened the new community “Albany” after their hometown in the state of New York. The 1850s saw the establishment of the area’s first school and the construction of a flour mill and a general store. The business activity saw Albany quickly become a “hub of activity” in the Willamette Valley region.
A post office was also established in the area during that decade, and in 1864 the city was officially incorporated. The early years of the 1870s saw the town connected to the outside world via a railroad, causing the young town’s leadership to invest even further in more rail lines passing through the city as opposed to routing trains outside and around it. In 1924, Pacific Power built a nearby turbine to provide the area with electricity, and it wasn’t long before Albany began distinguishing itself in another defining area: minerals and metals.
Albany is known for having a wide variety of yearly events that give service to different cultural touchstones, including the annual World Beat Festival featuring international food, dance, and crafts from every continent. Sponsored by the Albany Multicultural Institute, the Beat Festival is one of the more prominent events that takes place within the city every summer at the city’s Riverfront Park.
One of Albany’s nicknames is the "rare metals capital of the world", which sees various firms produce zirconium, hafnium and titanium from surrounding deposits. The city also exports a number of different crops including grass seed, mint, beans, corn and strawberries. While the city’s economy relied on timber for a time, a decline in the timber industry pushed Albany residents to diversify their labor base, which has led to the three core aspects of the area’s economy to lie in retail trade, social assistance/health care and manufacturing. The city has also delved into the burgeoning green energy industry, with area company Oregon Freeze Dry partnering with Seattle-based technology firm EnerG2 to produce carbon electrode material.
In terms of its climate, Albany tends to fall very much in-line with the climate observed in other parts of the state of Oregon. Situated in the general Pacific Northwest region of the country, Albany has a temperate climate with cold, though not frigid winters and generally warm, though not excessively hot summers. The hottest month in Albany on average is August, which sees an average temperature of around 83 degrees fahrenheit. The coldest months are December and January, where the average low is just over 34 degrees.
Similarly to other parts of the Pacific Northwest, Albany is home to a moderate climate owing partially to its proximity to the Pacific Ocean. Its marine west coast climate brings mild winters and warm summers, with the average high hovering around 82 degrees fahrenheit in the middle of the summer, while the average low reaches around 34 degrees in the dead of winter.
Rainfall is higher than the national average (44.1 inches vs. 38.1 inches), but snowfall is well below the national average (4.2 inches vs. 27.8 inches). Overall, Albany is generally classified as one of the more comfortable climates in the state of Oregon for human habitation.
With an abundance of amenities and services including an airport, hospital, local newspaper, highway access, public transportation, eight different radio stations, and an ample public education system that maintains two different high schools, Albany has an abundance of major-city style services with a modest population of just over 50,000.
For senior residents, there are also 30 nearby assisted living facilities, 26 nearby home care agencies, 16 area nursing homes and 3 adult day care centers.
Albany Senior Population and Lending Limits
13 percent of Albany’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Albany’s senior population, 76 percent (accounting for over 3,200 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Albany their long-term home.
Thousands of the senior households in Albany may be eligible to obtain a reverse mortgage. Several of these older homeowners have already done their research and begun using reverse mortgages to support their retirement needs.
Compared with the average home price in Oregon, Albany’s median home price is $71,400 less than the rest of the state at $274,900, according to the Zillow Home Value Index. Prices in the area have increased 6.9 percent over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 3.9 percent.
Some homes in Albany may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $726,525, you may still be able to tap into your home equity with the help of a reverse mortgage.
If you're a homeowner who fits this description and you're interested in using a reverse mortgage to supplement your retirement, you might want to consider a jumbo reverse mortgage, from which you may be able to access a greater portion of your home equity than you otherwise would with a FHA-insured HECM reverse mortgage.
Reverse mortgages might not be the perfect solution for every homeowner, but depending on your particular situation, a HECM could be something to consider as you approach your retirement years.
If you reside in Albany All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call usToll Free(800) 565-1722
Additional Oregon Lender Resource Links:
Top 10 Lender Reviews & Ratings
Reversemortgage.org NRMLA Members in OR: https://www.reversemortgage.org/Find-a-Lender/state/OR
HUD.GOV Approved Lenders in Oregon for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently broughtexclusive offers to our valued Albany homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our program benefits that you won't find elsewhere:
|Exclusive 4.25% (5.95% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Plans|
|ZERO Financed Closing Cost Plans|
|ZERO Monthly Servicing Fees on ALL programs|
How can we offer you more favorable terms?We are a direct lender approved by FHA (Federal Housing Administration) The HECM is literallyall we do. All Reverse Mortgage is not just a name for us. We have a very low (almost non-existent) staff turnover and our people are experts. We don't work with Brokers, allowing us to pass the savings on to you. We don't hire "celebrity" spokespersons as we don't believe you should have to pay for a lender's expensive marketing budget with higher loan costs. We Charge Less! Check out our competition and our customer ratings. We never forget that this loan is about you and your needs and we put you first with superior service and lower costs.
All Reverse vs. the others
HUD approved direct lender.
Working with a local Albany, OR lender saves you time and money.
As an award-winning direct lender our goal remains simple; to offer you the very best terms accompanied by extraordinary customer service.
What Our Customers Are Saying
|"There was no car salesman type of protracted negotiation. All reverse got right down to a good quote without a series of incremental steps."|
|"I was surprised how easy it was to deal with an out of state company. Actually it was much easier than my previous dealings with local banks and brokers"|
|"It is a wonderful feeling to have no mortgage and extra cash in our pocket. We are very happy."|
|"Thank you to All Reverse for handling everything in an efficient and smooth way. Thoroughly appreciate everything you have done to make things easy for me."|
|"This was the smoothest mortgage process I have ever experienced! And so fast!"|