Camano Island 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 Camano Island 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)
Camano Island Reverse Mortgage Facts
| City | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Camano Island (est) | Avg. Home Value |
|---|---|---|---|---|---|
| Camano Island | 3,398 | 8 | 0 | 7 | $712,824 |
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 Camano Island 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 Camano Island
The All Reverse Mortgage, Inc. team 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 help you weigh the pros and cons of each program and make an informed decision. There may be a mix of HUD HECM and niche jumbo opportunities in various markets, 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.
Camano Island, located between Whidbey Island and the mainland of Washington, is home to a diverse community of residents and retirees. According to the U.S. Census, the island had a population of approximately 15,661 as of 2010, with 2,703 senior homeowners aged 62 and older. The island’s quiet atmosphere and proximity to Puget Sound make it an attractive location for retirees, particularly during summer.
As of January 2024, the median home value on Camano Island is $712,824, reflecting a 14.3% increase over the past year. This places many homes on the island within the federal reverse mortgage lending limit of $1,209,750, making Home Equity Conversion Mortgages (HECMs) an option for many local homeowners. For homes valued above this limit, jumbo reverse mortgage programs may offer better access to home equity.
Camano Island is known for its scenic beauty and recreational activities. From golfing to exploring parks, wineries, and art galleries, the island provides plenty of outdoor and cultural enjoyment opportunities. The Camano Arts Association also adds to the vibrant art scene, offering public classes and studio tours.
If you’re a senior homeowner on Camano Island interested in using a reverse mortgage to support your retirement, All Reverse Mortgage, Inc. (ARLO™) is here to assist you.
Access our reverse mortgage calculator to estimate your lending limit, or call us at (360) 558-3550 to discuss your options.
