Chesapeake Reverse Mortgage Lenders
All Reverse Mortgage® is a reverse mortgage company that lends throughout the state of Virginia, including Chesapeake. All Reverse began in
November 2007 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 Chesapeake 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.
Chesapeake Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Chesapeake (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 Chesapeake and offers several reverse mortgage options: in some instances borrowers are looking to pay off their
existing loan and eliminate their monthly mortgage payment; or if they already have paid off their mortgage, a reverse loan can help borrowers
utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a
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.
Chesapeake Lending Limits
Chesapeake, Virginia, is one of the independent cities within the Commonwealth of Virginia. With a population of 233,200, Chesapeake
is the third-largest city in the state. Senior homeowners 62 years or older make up about 15 percent of the population.
Compared to the rest of Virginia’s history, Chesapeake is a young city. A section of the city, South Norfolk, was originally founded in
1919 but in 1963, Chesapeake was founded and consolidated South Norfolk. As such, Chesapeake is now the second-largest city by land in Virginia.
The city’s economy is comprised of a few big sectors, including but not limited to: health care, education, public administration and manufacturing.
Outside of work, residents will always find something to do, whether they enjoy the urban landscape filled with theaters, shops and restaurants, or
prefer vast, open lands to bask in nature.
The median home value in Chesapeake is $249,900 which is an increase of 1.6 percent in the last 12 months. Over the next year, home prices
are projected to increase 1.8 percent. While some of the homes in Chesapeake are valued below the federal maximum reverse mortgage
lending limit of $726,525 that applies to government-insured HECM loans, other homes may exceed the maximum reverse mortgage lending limit.
However, senior homeowners can still look to jumbo loan programs to tap into their home’s equity for higher valued homes.
If you reside in Chesapeake 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.