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El Paso Reverse Mortgage Lenders
All Reverse Mortgage, Inc. (ARLO™) is proud to be Texas's #1 Rated Reverse Mortgage Lender by the BBB with a Perfect 5.0 Stars and A+ Exemplary Rating. We currently lend in 16 states and our headquartered in Southern California.
All Reverse Mortgage was incorporated in CA November 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgages to better suit homeowners in SoCal with higher value homes over the national 2023 lending limit of $1,089,300.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! The difference is clear, and we can’t wait to show you!
El Paso Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in El Paso (est)||Avg. Home Value|
HUD Approved Direct Lender
All Reverse Mortgage, Inc. (ARLO™) 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, Inc. (ARLO™) originates in El Paso 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 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 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.
El Paso Details
The area now known as El Paso, Texas has had human habitation for thousands of years prior to its 17th century colonial settlement. Evidence of early hunter-gatherers in the areas in and around modern day El Paso point to the earliest signs of human habitation there being between 10-12,000 years ago.
Like much of modern day Texas, the first colonial settlers to arrive in the area hailed from Spain, which eventually led the predominant Manso, Suma, and Jumano tribes to consolidate into the specialized Mestizo culture, a term used to refer to a homogenization of indigenous and European peoples.
The first known Spanish encounter with the Rio Grande river took place in 1550 by explorer Don Juan de Oñate, and representatives of the Spanish government would persist in the area that encompassed future El Paso until the mid 19th century.
In 1836, the Texas Revolution took place, but the area in and around what would become El Paso was not significantly impacted by these events. At the time, the American population in the area made up less than 10% of the total, but the region ended up being claimed by the new Republic of Texas as part of a treaty signed with Mexico. Even though the final ownership of El Paso remained in dispute for much of the next decade, American settlers with Texas allegiances continued to settle in the area.
El Paso became a part of the United States in 1848, and its present boundaries were struck in a compromise in 1850, leading El Paso County to be established that March. At the beginning of the next decade, Texas became the seventh state to secede from the Union, doing so in February 1861 before officially joining the insurgent Confederate States of America the following month. While a Confederate contingent was present in El Paso for about a year following Texas' introduction into the Confederacy, the Union California Column captured El Paso in 1862, where it remained a Union stronghold until the conclusion of the war. The Confederacy fell in April of 1865, but the state was not fully readmitted to the Union until 1870.
In the early years of the 20th century, El Paso was planned to be the venue for an historic meeting in 1909 between the incumbent President of the United States, William Howard Taft, and his counterpart in Mexico, José de la Cruz Porfirio Díaz Mori. Unfortunately tensions rose significantly in the lead-up to the actual summit, and when the day came a man with a concealed pistol came within striking distance of both leaders before being disarmed by American security officials.
The outbreak of the Mexican Revolution caused a massive influx of refugees into the city of El Paso, which also brought a large amount of capital to the area and contributed to significant growth. A thriving middle class of Mexican refugees saw the establishment of Spanish-language newspapers, movie theaters and schools, but violence unfortunately also broke out due to the acts of Mexican revolutionaries. Counter-attacks by local militia led to further violence, resulting in the deaths of approximately 300 Mexicans and Mexican-Americans.
El Paso was not spared the brunt of the Great Depression in the 1930s, and it led to a precipitous population decline throughout the decade. However, with the outbreak of World War II, military expansion in the area and the need for manufacturing hardware for use in the war effort led to an economic revival by the middle of the 20th century, which has persisted. As of 2016, the largest employer by far in the El Paso area is Fort Bliss, a U.S. Army post which has a combined 47,316 military and civilian employees
El Paso Lending Limits
11 percent of El Paso’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of El Paso’s senior population, 75 percent (accounting for over 33,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call El Paso their long-term home.
Thousands of the senior households in El Paso 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, El Paso’s median home price is less than the rest of the state at $203,488, according to the Zillow Home Value Index.
Some homes in El Paso may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,089,300, 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 El Paso All Reverse Mortgage, Inc. (ARLO™) 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 brought exclusive offers to our valued San Jose 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 6.680% (8.094% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines 6.67% (2.00 Margin) with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Options|
|ZERO Financed Closing Cost Options (*on select jumbo programs)|
|ZERO Monthly Servicing Fees on ALL programs|