Compare El Paso's Best Reverse Mortgages
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El Paso 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, Inc. (ARLO™) lends in 16 states nationwide, including El Paso, TX.
All Reverse began in 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is the residential reverse mortgage loan.
We offer reverse mortgages to El Paso 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, Inc. (ARLO™) is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
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 Lenders
All Reverse Mortgage Inc. (ARLO™) 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 El Paso 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.
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 nearly $73,000 less than the rest of the state at $138,237, according to the Zillow Home Value Index. Prices in the area have increased 3.9 percent over the past year, and Zillow projects that they will continue to fall over the course of the next year by roughly 2.2 percent.
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 $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 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 broughtexclusive offers to our valued El Paso 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 5.81% (6.81% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 4.88% 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|
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 El Paso, 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!"|