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Corvallis Reverse Mortgage Lenders
We are proud to be Oregon'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 Corvallis, OR.
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 Corvallis 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.
Corvallis Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Corvallis (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 Corvallis 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.
Corvallis is a moderately-sized college town in northwestern Oregon, first settled by Joseph C. Avery in 1845. As the town’s founder, Avery went on to become the postmaster for the area, and Corvallis eventually resulted from Avery’s establishment of a business and in land dealings with surrounding settlers. The settlement’s name was changed to Corvallis in late 1853, derived from the Latin phrase meaning "heart of the valley.”
Corvallis was officially incorporated as a city in the state of Oregon in January of 1857, and began to boom in the late 19th century through the arrival of a privately-owned electrical plant that spurred heavy migration and investment in the area. During this brief “boom” period, the large influx of investment saw the construction of a large county courthouse, the establishment of new businesses like a flour mill and a major hotel that still stands today, the Julian Hotel. Additional annexations prior to 1900 also ended up doubling the size of the town.
These days, a big portion of Corvallis’ identity is reserved for its status as a college town. Corvallis is home to Oregon State University, which also serves as the city’s single largest employer. Other big employers are in the healthcare and service industries, and a noted technology company presence. HP, Inc. houses a substantial printing research and development operation in the northeast area of town.
Corvallis has also been seeking to encourage investment and diversify the presence of the kinds of employers that can call the city home. For instance, Corvallis is home to the National Clonal Germplasm Repository at Corvallis, a gene bank of the United States Department of Agriculture Agricultural Research Service which preserves fruit, nut, and agronomic crops from all over the globe.
Corvallis also has a vibrant calendar of events in the city, including an annual science, technology and art festival known as “Da Vinci Days” that takes place every July. The event was conceived of as a joint project by Oregon State University, the city, and HP, Inc. While it did not take place in 2014 and 2015, the event resumed in 2016 and has been taking place annually ever since.
The city also has several structures dedicated to preserving its history and celebrating the arts, including multiple museums and art galleries.
In terms of Corvallis’ senior-friendly amenities, the Corvallis Chintimini Senior & Community Center is a gathering place for the city’s seniors to come together for social events and specifically-crafted services. There are also over 25 home health care agencies situated in and around the Corvallis area, though in-home care costs in the area are slightly higher than the national average.
In terms of Corvallis’ proximity to other major Oregon cities, it is just about 46 miles east of Newport and the Oregon Coast, 85 miles south of Portland, the state’s biggest city, and just 30 miles south of the Oregon state capitol, Salem. You don’t have to travel too far to get onto the major highway connecting the three states of the American West Coast, since Corvallis is just about 10 miles west of Interstate 5.
Climate-wise, Corvallis shares a lot in common with the rest of the Pacific Northwest region of the United States, though its position in the Willamette Valley also give it some very dry and cool summers. Its average high in the middle of the summer is just over 82 degrees Fahrenheit, while its average low in the dead of winter is 33.6 degrees, just above freezing. Its highest average snowfall in winter is generally low, reaching only 2.2 inches in February.
Corvallis can have a fair amount of rain, however, with the average annual amount of precipitation days being just about 161. Corvallis is very much a location that exhibits all four seasons.
Corvallis Senior Population and Lending Limits
Eleven percent of Corvallis’ population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Corvallis’ senior population, 72 percent (accounting for over 2,600 households) are also homeowners as opposed to renters. That means there’s a quite large community of seniors who call Corvallis their long-term home.
Thousands of the senior households in Corvallis 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 Oregon, Corvallis’ median home price is nearly $30,000 higher than the rest of the state at $372,100, according to the Zillow Home Value Index. Prices in the area have increased 7.4 percent over the past year, and Zillow projects that they will continue to rise/fall over the course of the next year by roughly 2 percent.
Some homes in Corvallis are worth more than this median value, and 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 reverse mortgage.
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 Corvallis All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call usToll Free(800) 565-1722
Additional Oregon Lender Resource Links:
Top 10 Lender Reviews & Ratings
Reversemortgage.org NRMLA Members in OR: https://www.reversemortgage.org/Find-a-Lender/state/OR
HUD.GOV Approved Lenders in Oregon for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently broughtexclusive offers to our valued Corvallis 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 4.25% (5.95% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% 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 Corvallis, OR 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!"|