Compare Monroe's Best Reverse Mortgages
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Monroe 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 Monroe, 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 Monroe 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.
Monroe Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Monroe (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 Monroe 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.
Located about 30 mi northeast of Seattle, Monroe is seated at the confluence of the Skykomish, Snohomish, and Snoqualmie rivers in the Cascade foothills. It was originally founded in 1864 as the town of Park Place, serving as a trading post for the indigenous Skykomish people and several existing settlements in the Tualco Valley. In 1890, however, it was renamed to honor President James Monroe and relocated closer to the Great Northern Railway.
When Monroe was first incorporated in 1902, the area had over 900 residents, five general stores, eight saloons, six restaurants, four sawmills, and five shingle mills. In 1908, The Pacific Coast Condensed Milk Company opened a milk condensery in Monroe, serving as the largest producer of Carnation brand condensed milk and bringing the city's population to 2,500 within two years of opening. Within a year, the plant was producing 250,000 pounds of condensed milk per day, playing a significant role in the city's growth until it burned down in 1928. Shortly after that, Monroe began transitioning away from timber and into agriculture, which remains one of its primary sources of revenue to this day. The larger reliance on agriculture is built namely around dairy, vegetable, and berry farms on the logged-off lands around Monroe.
Today, Monroe has an estimated workforce population of 7,644 residents and an unemployment rate of 7.2 percent as of 2015. Only 15 percent of employed residents work within city limits, while the rest commute to other cities for work. The city's largest employer is the Washington State Department of Corrections, which operates the Monroe Correctional Complex and provides more than 1,100 jobs. In addition, employment opportunities in Monroe include Monroe School District, the Cadman quarry, the Evergreen State Fair, EvergreenHealth Monroe, the Fryelands industrial park, and other large retailers
Monroe has 14 parks with a total area of 207 acres, 62.6 acres of which is designated as usable space. There are also 14 miles of multi-use pedestrian and bicycle trails that connect neighborhoods and parks. On top of Monroe’s open spaces, it hosts the annual Evergreen State Fair and parade, which is the second-largest fair in Washington state. Monroe is also home to the Evergreen Speedway and The Reptile Zoo.
Monroe’s climate is much like the rest of the Puget Sound lowlands, characterized by dry summers and mild, rainy winters moderated by a marine influence from the Pacific Ocean. With 177 days of sun per year, Monroe sees 48 inches of precipitation and 8 inches of snow. The average high temperature is 76.4 degrees, and the average low is 44.9 degrees.
Monroe Lending Limits
7.8 percent of Monroe’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Monroe’s senior population, 61 percent (accounting for 552 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Monroe their long-term home.
Thousands of the senior households in Monroe 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, Monroe’s median home price is greater than the rest of the state at $527,876, according to the Zillow Home Value Index. Prices in the area have increased 14.5 percent over the past year.
Some homes in Monroe may be worth more than this median value. If your home has been appraised for more than the 2021 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 Monroe 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 Monroe 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 Monroe, 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!"|