Camano 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+ review. All Reverse Mortgage® lends in 16 states states nationwide, including Camano 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 Camano Island 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.
Camano Island Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Camano 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 Camano 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 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.
Camano Island Lending Limits
Located between Whidbey Island and the mainland of Washington state is Camano Island. As of 2010, the population of the island was
15,661 and 2,703 of those residents were homeowners 62 and older.
The island is named after the Spanish explorer Jacinto Caamaño who explored much of the Pacific Northwest and explored as far north as Alaska.
Prior to being named Camano Island, the area was called Kallutchin, which means “land jutting into the bay” in the language of the Snohomish tribe
that originally lived on the island.
Camano Island has a lower population in the fall and winter months, but sees a surge in residents in the summer months, as
the island is a popular location for retirees to spend their summers.
The median home value in Camano Island is $380,100, which has seen an increase of 14.3% in the last year.
Though the island is on the smaller side, there is plenty to do including wineries to visit, an 18-hole golf course, a casino,
multiple public parks, ziplining and numerous restaurants.
Camano Island also has a very strong art culture with multiple art galleries and studios throughout the island. For artists, there is the Camano Arts
Association which holds studio tours and has various art classes for the public like glass blowing, figure drawing and painting.
If you reside in Camano Island or are planning to move there, All Reverse Mortgage is here to answer your questions.
Access our online reverse mortgage calculator to
estimate your reverse mortgage loan amount or call us Toll Free (800) 565-1722.
Additional Washington State Resource Links:
Top 10 Lender Reviews & Ratings: https://reverse.mortgage/best-reverse-mortgage-lenders
Reversemortgage.org NRMLA Members in Washington: https://www.reversemortgage.org/Find-a-Lender/state/WA
HUD.GOV Approved Lenders in WA State for HECM Loan