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Klamath Falls 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 Klamath Falls, 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 Klamath Falls 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.
Klamath Falls Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Klamath Falls (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 Klamath Falls 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.
Klamath Falls Details
Klamath Falls is a small town of roughly 21,000 people situated in south central Oregon, about 25 miles north of the border with neighboring California. It is believed to have originally been settled 4,000 years ago by the Klamath and Movac Native American tribes. Its colonial history goes back to the mid-19th century, and it was ultimately incorporated as a town in the state of Oregon in 1905.
Among some of its most notable characteristics is the fact that the City of Klamath Falls is home to the 173rd Fighter Wing of the Air National Guard at Kingsley Field Air Force Base. Klamath Falls also features some unique natural resources including geothermal power, yielding geothermal heat which allows the city’s municipal swimming pool to stay open all year-round. The city takes full advantage of this resource by maintaining a municipal geothermal heating system, used to provide direct heat for a whole host of structures in the city limits including homes, greenhouses, government buildings, greenhouses, commercial buildings, and even geothermally-heated snowmelt systems for sidewalks and roads.
Crater Lake National Park is also located nearby, and the town’s population is bolstered by the presence of the residential campus of the Oregon Institute of Technology, a public polytechnic university that serves a student population of nearly 5,500 as of 2017. The area’s largest employers include Sky Lakes Medical Center, the Klamath Falls City School District and Oregon Institute of Technology.
Klamath Falls also accentuates much of the natural beauty that surrounds it, serving as home to numerous parks and trails that take advantage of the beautiful land and vast vegetation. Sites like Moore Park, Badger Run Wildlife Rehab, Link River Trail, the Klamath Fish Hatchery and the Upper Klamath Canoe Trail provide plenty of options to explore the natural surroundings of Klamath County. Still, Klamath Falls is also the largest town in Klamath County, priding itself on having “small town charm with urban appeal.”
For seniors contemplating a move to Klamath Falls or for those who are looking for senior-friendly amenities, there are 11 assisted living facilities situated in and around Klamath Falls, as well as 10 nearby home health care agencies for seniors wishing to age in place.
In terms of its climate, Klamath Falls has a unique reputation among other cities in the state of Oregon in that it’s known as the state’s “City of Sunshine.” Klamath Falls reportedly enjoys up to 300 days of sunshine every year, partially attributed to the fact that the city sits in a high desert climate. That doesn’t mean that the temperatures don’t react to the seasons, though, since the average high in the middle of the summer is 84 degrees fahrenheit, while the average low in the winter gets down to just under 21 degrees.
When Klamath Falls does get precipitation, it primarily does so in the wintertime and the majority of it arrives in the form of snowfall. Still, average precipitation for a typical year in Klamath Falls stands at just over 13 inches annually. This has a lot to do with Klamath Falls’ proximity to the Cascade Mountains, which act as a rain shield for the city. An average of 21 days out of the year can reach as high as 90 degrees Fahrenheit, while an average of only two nights of the year get down to 0 degrees.
Klamath Falls Senior Population and Lending Limits
12 percent of Klamath Falls’ population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Klamath Falls’ senior population, 62 percent (accounting for nearly 1,200 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Klamath Falls their long-term home.
Thousands of the senior households in Klamath Falls 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, Klamath Falls’ median home price is nearly $175,000 lower than the rest of the state, at $171,500, according to the Zillow Home Value Index. Prices in the area have increased/decreased 5.9% over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 3.5%.
Some homes in Klamath Falls may be worth much more than this median value, and if your home has been appraised for more than the HUD lending limit of $765,600, you may still be able to tap into your home equity with the help of a proprietary 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 Klamath Falls All Reverse Mortgage® is here to answer your questions.
Additional Oregon Lender Resource Links:
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 Klamath Falls 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 3.68% (5.25% 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 Klamath Falls, 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!"|