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Conroe Reverse Mortgage Lenders
We are proud to be Texas'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 nationwide, including Conroe, TX.
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 Conroe 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.
Conroe Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Conroe (est)||Avg. Home Value|
HUD Approved Direct Lenders
United Southwest and All Reverse are approved lenders with HUD (Department of Housing and Urban Development) 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 Conroe and closes both refinance loans where borrowers already own their home and are looking 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 the 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.
Situated about 40 miles north of Houston, Conroe, Texas is the seat of Montgomery County and a core city in the Houston-Woodlands-Sugarland metropolitan area. Taking its name after Union Cavalry officer and Houston lumber magnate Isaac Conroe — who opened a sawmill in 1881 in the area that would become named after him — the area gained prominence due to its lumber and oil industries providing fuel and building supplies to Texas in the late 19th century.
This led to an influx of residents around the same time, since lumber demands on the forested region were high back then. After being known colloquially as “Conroe’s Switch” for a number of years, Conroe was officially incorporated as a city within the state of Texas in 1904.
In the intervening 116+ years since its incorporation, Conroe has grown significantly in terms of its raw size. When it was first established, Conroe encompassed a total area of 5.44 square miles. By 1970, it had grown to 7.15 square miles, and saw a rampant rate of development and expansion that increased its size to 42.35 square miles by the year 2000. In order to continue accommodating its expansion efforts, the city council moved to continue expanding its city limits by the use of annexation.
Annexation for Conroe is both voluntary and involuntary, meaning that for voluntary annexations it enters agreements with certain property owners to bring that territory within the boundaries of the city. In involuntary annexation instances, the city places unincorporated land that is adjacent to the current boundaries without the consent of property owners, which is permitted under the Texas Local Government Code with some restrictions for adjacent land.
By 2019, this has led Conroe to expand its city limits even further and it now encompasses an area of 73.9 square miles. In the intervening time, the city’s annexation practices have become a local hot-button political issue and became a major discussion point in the city’s mayoral election in 2016. The anti-annexation candidate, Toby Powell, ended up winning the contest but the city council continued to approve of involuntary annexations over the mayor’s objections.
Conroe’s population has also nearly doubled over the last ten years. In the 2010 census, the city recorded a population of just over 56,000 people; 2019 estimates place the population at over 91,000. In the early 2000s, Conroe saw a number of new residents move in from Houston, which appealed to people from the larger city according to one observer because Conroe felt like a “sleepy, backwater town.”
Conroe city officials had to use aggressive financial incentives in order to spur the development of housing, which caused a construction boom between 2003 and 2006. Much of the population growth exhibited in the 21st century can likely be attributed to the aggressive construction of housing across the city, while the annexation activity has also contributed to a population boom during the 2000s and 2010s.
According to a 2016 survey, median income for Conroe stood at over $50,000, slightly below the national median income of $57,000 in 2016 according to the U.S. Census Bureau. Poverty is reportedly enough of a problem in the area to spur action from charitable organizations including United Way and the Salvation Army in providing food, shelter and transportation to residents that live at or below the poverty line.
By far, the biggest employer in the Conroe area is the Conroe Independent School District, which employs over 7,200 people according to 2016 data. The next largest employer is Montgomery County with nearly 2,200 employees, followed by the Conroe Regional Medical Center with nearly 1,230 employees.
Conroe Lending Limits
11 percent of Conroe’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Conroe’s senior population, 66 percent (accounting for nearly 2,400 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Conroe their long-term home.
Thousands of the senior households in Conroe 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 Texas, Conroe’s median home price is over $22,000 greater than the rest of the state at $232,882, according to the Zillow Home Value Index. Prices in the area have increased 2.9 percent over the past year, and Zillow projects that they will continue to fall over the course of the next year by roughly 2.3 percent.
Some homes in Conroe may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $726,525, 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 Conroe All Reverse Mortgage® is here to answer your questions.
Top Lender Resources in TX:
Reversemortgage.org NRMLA Members in Texas: https://www.reversemortgage.org/Find-a-Lender/state/TX
HUD.GOV Lenders: HUD.GOV Approved Lenders Search
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently broughtexclusive offers to our valued Conroe 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 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% 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 literallyall 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 Conroe, TX 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!"|