Compare Bainbridge Island's Best Reverse Mortgages
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Bainbridge Island Reverse Mortgage Lenders
We are proud to be Washington's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 Stars and A+ Exemplary Rating. We currently lend in 16 states including all of Washington and Bainbridge Island, WA.
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 Tuscon 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.
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|
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) 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 Bainbridge Island and closes both refinance loans, where borrowers already own their home and are looking to 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 Mortgage® 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 well. Jumbo or proprietary programs typically offer much lower Principal Limits as they relate to values, 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 as a mortgage of last resort. Everything from the elimination of the existing mortgage payments to the line of credit that grows 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.
Bainbridge Island Details
Bainbridge Island was formed during the last ice age when the Vashon Glacier scraped out the Puget Sound Basin. It is located within the Puget Sound Basin, east of the Kitsap Peninsula, directly east of the Manette Peninsula and west of the city of Seattle. The island is approximately 5 miles wide and 10 miles long, making it one of the largest islands in Puget Sound at 17,778 acres.
The island was originally inhabited by the Suquamish people and their ancestors for thousands of years. In 1855, however, they signed the Point Elliot Treaty, relinquishing their claim and ceding all of the territory to the United States in exchange for a reservation at Port Madison, as well as fishing rights to Puget Sound.
Today, Bainbridge Island has a population of 24,522 and stands to be the second-largest city in Kitsap County. In 2007, the median household income in the city was an estimated $88,243, and the median family income was $108,605. The island has a broad spectrum of socioeconomic profiles, which varies greatly depending on what part of the island you are on. In contrast to Bainbridge Island as a whole, Winslow (the urban center) is home to households with a wide range of incomes. With its scenic beauty and close proximity to Seattle, Bainbridge is a hot spot for commuters who work in the tech industry.
The four centers of commerce in Bainbridge Island offer a wide range of nightlife and dining options for residents and visitors alike. Many of the restaurants and shops are located in Winslow and Lynwood Center. Fletcher Bay also has a restaurant and a small grocery store. And Rolling Bay is populated by commercial shops and offices. Unless staying in Winslow exclusively, the island is expansive and a car or bike is recommended to get around.
Bainbridge Island has a warm and temperate climate with a rainy winter. It sees a total of around 150 days of sun per year, compared to the national average of approximately 205 days. The average temperature is around 51.1 degrees and the average precipitation is 50.2 in. Approximately 44 inches of that is rain with 4 inches of snow. Annual low temperature is usually around 37 degrees, while the high reaches around 76.
Bainbridge Island Lending Limits
25.7 percent of Bainbridge Island’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Bainbridge Island’s senior population, 79 percent (accounting for 1,992 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Bainbridge Island their long-term home.
Thousands of the senior households in Bainbridge Island 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 Washington, Bainbridge Island’s median home price is greater than the rest of the state at $962,529, according to the Zillow Home Value Index. Prices in the area have increased 13.6 percent over the past year.
Some homes in Bainbridge Island may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $822,375, 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 loan.
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 Bainbridge Island All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Bainbridge Island 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 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% 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 literally all 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 Bainbridge Island, WA 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!"|