Boca Raton's #1 Reverse Mortgage
Reverse Mortgage Calculator
All Reverse Mortgage, Inc. (ARLO™) is proud to be Florida'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 and our headquartered in Southern California.
All Reverse Mortgage was incorporated in CA November 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgages to better suit homeowners in SoCal with higher value homes over the national 2024 lending limit of $1,149,825.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! The difference is clear, and we can’t wait to show you!
Boca Raton Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Boca Raton (est)||Avg. Home Value|
HUD Approved Direct Lender
All Reverse Mortgage, Inc. (ARLO™) 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, Inc. (ARLO™) originates in Boca Raton 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 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 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.
Originally occupied by the Glades culture of Native American before the arrival of Spanish colonists, the Spanish spread their dominance far and wide across present-day Florida until they were driven out by the British Empire in the late 1700s. The remaining Naive American population largely evacuated the area to ultimately settle in nearby Cuba, which led to a long stretch of time in which the area that would become Boca Raton was only sparsely inhabited for nearly a century.
That began to change by the mid-19th century, around the same time that Florida became the 27th state admitted to the United States in 1845. However, it wasn’t until the 20th century that Boca Raton would start to become more closely realized due to the vision of an architect who wanted to mold Boca Raton into the foremost resort city in North America.
That architect was California-born Addison Mizner, who made his intentions for Boca Raton known in mid-1925. Mizner was no slouch when it came to his personal ego, as he took credit for saying that for Palm Beach, he "did more than any one man to make the city beautiful", according to a pamphlet his development company released about their Boca Raton intentions in 1925.
After designing the Everglades Club in the city, he detailed in the same pamphlet that he wished to make Boca Raton " a resort as splendid in its entirety as Palm Beach is in spots." Activity in developing Boca Raton as a resort destination began about a year before Mizner formally announced his intentions for the area, the year that the city was officially incorporated and at the same time that Mizner himself was appointed as Town Planner.
Mizner then assisted in the design and construction of everything from administrative buildings in the city on up through the kinds of amenities that he envisioned in turning Boca Raton into a destination including hotels and resorts. Unfortunately for Mizner, the Florida region’s susceptibility to natural disasters would prove to be his company’s undoing. With both the end of the 1920s Florida land boom and the impact of the 1926 Miami hurricane, the Mizner Development Corporation declared bankruptcy in 1927.
According to author Susan Gillis’ book Boomtime Boca: Boca Raton in the 1920s written at the behest of the Boca Raton Historical Society, much of what Mizner had planned for the city was never built. His Administration Buildings, the Cloister Inn, a 1/2 mile stretch of El Camino Real, the small Dunagan Apartments (which have since been demolished), a few houses near the Cloister Inn (which have also since been demolished), the Spanish Village neighborhood, and a few small houses in what is currently the Old Floresta Historic District neighborhood are all that remains of his legacy; a shadow of the full scope of his aspirations for the area.
While the area was hit by the Great Depression in the 1930s, the outbreak of World War II helped to bring needed resources to the area, though some of the added prosperity came at a steep price for minority communities. What was called the "Yamato Colony", which was intended to be a location for Japanese-American farmers around Boca Raton, had much of its land seized by the federal government to serve as the site of a military installation, the Boca Raton Army Air Force Base. The base became a major training facility for B-29 bomber crews and served as the only facility in the U.S. which trained radar operators.
While former residents of the Yamato Colony were compensated for their land, many were displaced, though some used the proceeds they earned from the government seizure to buy back segments of the land years later.
Later decades saw the influential arrival of the International Business Machines Corporation, or IBM, which opened a manufacturing plant in Boca Raton. The complex broke ground in 1967, and by 1984 served as many as 8,500 Boca Raton-area employees. However in 1996, IBM closed down and sold the facility to a real estate development company, and after a couple of additional sales the complex ultimately became the Boca Raton Innovation Campus (BRiC).
IBM returned in July 2001 opening a software development laboratory, but interestingly enough, an office in the original IBM complex is preserved as the site of an historic meeting in 1980 between IBM executives and Microsoft co-founder Bill Gates, where IBM agreed to have Gates supply their PC machines with the MS-DOS operating system.
21 percent of Boca Raton’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Boca Raton’s senior population, 85 percent (accounting for nearly 10,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Boca Raton their long-term home.
Thousands of the senior households in Boca Raton 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 Florida, Boca Raton’s median home price is over $100,000 greater than the rest of the state at $356,203, according to the Zillow Home Value Index. Prices in the area have increased 3 percent over the past year, and Zillow projects that they will continue to fall over the course of the next year by roughly 1.8 percent.
Some homes in City may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,149,825, 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 Boca Raton All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions.
Top Florida Lender Resource Links:
Reversemortgage.org NRMLA Members in Florida: https://www.reversemortgage.org/Find-a-Lender/state/FL
HUD.GOV Approved Lenders in Florida for HECM Loan