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Bellingham 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+ review. All Reverse Mortgage® lends in 16 states states nationwide, including Bellingham, 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 Bellingham 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.
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|
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 Bellingham 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 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.
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 to the area in 1858, the settlement now known as Bellingham was home to members of the Lummi and other neighboring tribes. As a byproduct of the Fraser Canyon gold rush in the late 1850s, though, Bellingham went from a small settlement to a very active seaport very rapidly.
Bellingham was officially incorporated as its own city in 1903, the result of a gradual consolidation of four smaller settlements into one. While its primary employer these days is PeaceHealth St. Joseph Medical Center, the city’s history has ranged from primarily serving as a coal mining settlement early on before evolving into a more modern economy as railroads and later the Interstate highway system allowed easier access to the settlement by people from all over.
Bellingham is a mere 20 miles from the Canadian border, and it’s not uncommon for locals on both sides of the border to take day trips into each others’ countries to go shopping, or take in the beautiful environments in these communities.
As a college town, Bellingham is home to Western Washington University (WWU). A public institution that also serves as the northernmost university in the contiguous United States. With a naturalistic campus that looks almost like the buildings are outgrowths along with the trees and rocks, WWU (or, more commonly, “Western”) bolsters Bellingham’s population and makes the surrounding campus areas a very active part of the community.
Bellingham is also home to a vibrant local arts scene, with numerous small theaters and film festivals taking place around the city at any given point in the year. Historic Downtown Bellingham embraces much of the city’s early-to-mid-20th century development period, and neighboring areas like the Fairhaven Historic District and Sehome also serve to give the city a unique identity in comparison to the rural localities in and around Whatcom County, Washington, with Fairhaven helping to bring an early-mid 1900s vibe to a vibrant scenery of shops, hotels and eateries.
Bellingham is a beautiful city, and its residents know it. A lot of top destinations for visitors revolve around the natural beauty situated around the area, including Whatcom Falls and Boulevard Parks. Walks around nearby Lake Padden or the trails on Chuckanut Drive are also a big hit with locals and visitors, and places like the Whatcom Museum or the Spark! Museum of Electrical Invention also help to highlight some of the area's unique history.
In terms of the city’s climate, Bellingham falls pretty well in-line with the rest of the Puget Sound region of Washington state. It’s generally mild, reaching average highs of around 72 degrees fahrenheit in the middle of the summer, and average lows of 32 degrees in December and January. Occasionally Bellingham’s hotter days can reach as high as the 90’s and its coldest days can reach below 0, but these are generally rare occurrences owing to its proximity to the Pacific Ocean.
Because it is situated on the ocean on its western side, Bellingham’s marine oceanic climate is also affected by cold northeastern winds in the winter that come down from Canada. Bellingham is also partially protected from much of the rainfall seen to its southwest direction, since the settlement is partially protected by the surrounding Olympic Mountains. Average annual rainfall in the city is 34.84 inches, slightly less than Seattle’s.
Yes, Seattle has a pronounced reputation concerning its own rainfall, but up in Bellingham you won’t get quite as much of it. The skies can be grey, but the climate is generally welcoming, getting neither overly cold nor hot.
Bellingham Senior Population and Lending Limits
Thirteen percent of Bellingham’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. The vast majority of Bellingham’s senior population, 71% (accounting for nearly 5,000 households) are also homeowners as opposed to renters. That means there’s a quite large community of seniors that call Bellingham their long-term home.
Thousands of the senior households in Bellingham 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 Arizona, Bellingham’s median home price is nearly $45,000 higher than the rest of the state at $431,900, according to the Zillow Home Value Index. Prices in the area have increased 8.8% over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 4.7%.
While some homes in Bellingham may be worth more than this median value, if your home has been appraised for more than the HUD lending limit of $765,600, 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 HUD-backed 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 Bellingham or are planning to move there, All Reverse Mortgage is here to answer your questions. Call us Toll Free (800) 565-1722.
Additional Washington State Resource Links:
Reversemortgage.org NRMLA Members in Washington
HUD.GOV Approved Lenders in WA State for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Bellingham 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 3.68% (5.25% 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 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 Bellingham, 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!"|