Compare Kennewick's Best Reverse Mortgages
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Kennewick Reverse Mortgage Lenders
We are proud to be Washington'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 including all of Washington and Kennewick, WA.
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 Tuscon 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.
Kennewick Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Kennewick (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 Kennewick 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 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.
Before Kennewick was discovered and settled by European descendents, it was inhabited by people from the Umatilla, Wanapum, Nez Perce and Yakama tribes. The low elevation and riverside location made Kennewick an easily hospitable place with moderate winters and rich fishing conditions. In fact, the name “Kennewick” is primarily credited to the Native American tribes inhabiting the area, with most accounts translating the meaning to be “grassy place” or “winter paradise.”
The land was ceded by Native American Tribes at the Walla Walla Council of 1855, and the slow settlement of this arid climate was initiated by ranchers throughout the 1860s. By the 1880s, steamboats and railroads connected Kennewick to the rest of the settlements along the Columbia River, and in the 1890s, Northern Pacific Irrigation Company laid the framework for agriculture. Once there was a reliable water source, orchards and vineyards were planted all over the Kennewick area, with strawberries being one of the most successful crops.
In addition to agriculture, the construction of the Celilo Canal in 1915 gave Kennewick significant industrial potential as well. This led to the development of freight and passenger shipping, as well as an increased number of rail facilities throughout the region. During WWII the boom continued when the Hanford Site was created to assist in the manufacture of an atomic bomb, inspiring workers from all over the country to relocate. The impact of these industrial strides is still felt today and it has also become the retail hub of the Tri-Cities as well.
Today, Kennewick has approximately 54,693 people with a median household income of $41,213. Kennewick hosts a number of outdoor events during the warm season each year. From the Tri-Cities Water Follies to Art in the Park, these events draw thousands of long-term and short-term visitors. There are also over 300 wineries and wine bars in the Tri-Cities which draws a lot of tourism traffic as well.
Due to its proximity to the Cascade Mountains, Kennewick has a semi-arid climate that almost borders a desert climate. It has an average annual precipitation of 7.57 in, annual snowfall of 6.4 in, average high temperature of 65.6 degrees and an average low temperature of 42.6 degrees.
Kennewick Lending Limits
13.5 percent of Kennewick’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Kennewick’s senior population, 78 percent (accounting for 4,189 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Kennewick their long-term home.
Thousands of the senior households in Kennewick 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 Washington, Kennewick’s median home price is less than the rest of the state at $327,613, according to the Zillow Home Value Index. Prices in the area have increased 4 percent over the past year.
Some homes in Kennewick may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $822,375, 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 Kennewick All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Kennewick 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 literally all 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 Kennewick, WA 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!"|