Compare New Mexico's Best Reverse Mortgages
Top 10 Reverse Mortgage Lenders in New Mexico
All Reverse Mortgage® is proud to be New Mexico'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 and all throughout New Mexico.
Since we started in 2004, our goal has remained simple: to offer the best terms with unbeatable customer service.
Compare our competitive rates and lower costs to any competitor and realize thousands more from your home’s equity!
The difference is clear, and we can’t wait to show you!
New Mexico Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in New Mexico||Avg. Home Value|
HUD Approved Direct Lender
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 the reverse mortgage program it administers for seniors who are 62 and older.
About All Reverse Mortgage® of New Mexico
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 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 as well.
New Mexico Lending Limits
New Mexico facts
New Mexico ranks as the 36th most populous state in the U.S. and the fifth largest in terms of land size. As of 2017, about 2,088,070 people resided in the state, with 352, 883 residents being 65 and older. About 66.6% of people in the state are homeowners.
Still know for its rich Native American influence, archaeological evidence shows that the area has been inhabited since about 9200 BC. When Spanish exploration began in the late 1500s, the Pueblo people were firmly established in the region. During the next 200 years, the area would change hands from Spain to Mexico and finally to the United States as a result of the Mexican-American War. New Mexico became the 47th state in 1912.
Albuquerque, famous for its annual balloon fiesta, is the largest city in the state with a population of 555,400. Located along the Rio Grande River, it was established as a Spanish outpost in the early 1700s. Thanks to it positioning along Route 66 and its proximity to atomic laboratories, the population was growing rapidly by 1960. Since then, Microsoft got its start in Albuquerque in the 1970s, and more recently, it was the shooting location for the television show Breaking Bad.
The next largest cities in the “Land of Enchantment” are Las Cruces and Rio Rancho. State capital and artist haven Santa Fe is the fifth largest city and the oldest state capital in the U.S., having been founded in 1608. Nearby Los Alamos is the birthplace of the atomic bomb. The sixth largest city, Roswell, is home to purported extraterrestrial evidence. The main industries in the New Mexico are oil and gas production, tourism and retail, and film. Federal government-funded employers, such as Sandia National Laboratories and the military, are also driving economic forces in the state. The largest employers in the state are Los Alamos National Security LLC, the University of New Mexico, and New Mexico State University.
With a terrain that varies from mountainous to the desert, this state has an arid or semiarid continental climate. Like the landscape itself, the weather differs wildly depending on the location. Rainfall average are at less than 10 inches in some places and more than 20 at others. Snowfall averages fall between three inches and more than 100 in some locations. The state’s average high temperature in July is 86 degrees Fahrenheit, and the average low in January is 17 degrees Fahrenheit.
The average home value in the state is $186,600, and prices are expected to rise an additional 2% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $765,600 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in New Mexico, All Reverse Mortgage® is here to answer your questions.
New Mexico Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Agency ID||Address||Languages||Website|
|SANTA FE COMMUNITY HOUSING TRUST||505-989-3960||82669||1111 Agua Fria St|
Santa Fe, New Mexico 87501-2467
Did you know? New Mexico state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued New Mexico 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 competitive rates 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 3.33% 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 New Mexico 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!"|