Compare Longmont's Best Reverse Mortgages
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Longmont Reverse Mortgage Lenders
We are proud to be Colorado'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 14 states states nationwide, including Longmont, CO. 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 Longmont 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.
Longmont Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Longmont (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 Longmont 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, Inc. (ARLO™) 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 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.
Located at the intersection of Boulder and Weld counties in Colorado, Longmont is the 13th most populous city in the state with an estimated population of just under 100,000 people as of 2019. Named after the mountain Long’s Peak, Longmont’s history goes back to the late 19th century and has a proud tradition as an agricultural community that bolsters the state of Colorado’s presence in the Union.
Founded in 1871 by a group of settlers originally hailing from Chicago, Illinois, the area that would one day become Longmont was first known as the Chicago-Colorado Colony. The original settlers laid the foundation for the settlement’s economic future by charging incoming residents a membership fee, which eventually allowed the locality to purchase the land on which to build Longmont’s original town hall.
Aiming to avoid the disarray that can often come with haphazard and imprecise city planning, Longmont has the distinction of being the first planned community settled in Boulder County, laid out in a uniform grid pattern across a square mile to allow for a logical and organized expansion of the core community in time. That planning would pay additional dividends in the years to come when the Colorado Central Railroad would have tracks laid to Longmont from Boulder in 1877, allowing the young city to flourish as a vibrant agricultural community.
Longmont’s economic future as an agriculture hub would persist from that point well into the mid-20th century, and it would eventually grow beyond its original bounds by the 1940s.
Unfortunately, Longmont does have a darker component to its history in the form of the Ku Klux Klan having successfully gained control of the local government in 1925. This allowed organizational leaders to embark on a construction project for the Chimney Rock Dam, and brought unwanted attention to the community due to the theatrics of the Klan’s costumes and behavior marching up and down the streets of the young city.
Two years after gaining power in municipal elections, though, the Klan was voted out of office in 1927, leading to the organization’s malignant influence declining and the wasteful Chimney Rock Dam project to be abandoned.
Over the next 30 years, Longmont would continue to flourish as an agricultural center in the state of Colorado, but it also began to develop the implementation of new technologies. In the 1960s, the federal government constructed an air traffic control center in the Longmont area, and the IBM corporation also constructed a manufacturing and development campus in the town’s vicinity shortly thereafter. Agriculture began to wane, but technology looked as though it would be a candidate to replace it.
In the years since, companies including technology and data storage manufacturer Seagate has established a presence in the area, as well as Amgen, Inc. for a time. In 2009, General Electric relocated its control solutions business to the Longmont area, further solidifying its place as a hub for technology.
Longmont has also become a national leader in the development of municipal fiber-optic broadband internet service for the city as a utility, instead of relying on the traditional internet infrastructure of telecommunication companies. All of these events have shown that Longmont has been a city of evolution: from a members-only community from its earliest days as founded by settlers from Chicago, through an agricultural hub built on a grid pattern in the early-mid 20th century, on up through a notable presence in the Colorado tech sector.
Longmont Lending Limits
11 percent of Longmont’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Longmont’s senior population, 75 percent (accounting for nearly 5,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Longmont their long-term home.
Thousands of the senior households in Longmont 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 Colorado, Longmont’s median home price is slightly greater than the rest of the state at $577,025, according to the Zillow Home Value Index.
Some homes in Longmont 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 Longmont or are planning to move there, All Reverse Mortgage is here to answer your questions. Call us Toll Free (800) 565-1722.
Top Colorado Lender Resource Links:
Reversemortgage.org NRMLA Members in Colorado: https://www.reversemortgage.org/Find-a-Lender/state/CO
HUD.GOV Approved Lenders in Colorado for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Longmont 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:
|EExclusive 6.680% (8.094% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.4% 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 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 Longmont, CO 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!"|