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.
All Reverse Mortgage was incorporated in November 2004 and as the name implies, the only loan product that All Reverse Mortgage® originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgages to better suit homeowners in NM with higher value homes over the national 2019 lending limit of $726,525.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! 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.
All Reverse Mortgage® originates in New Mexico and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
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 lower Principal
Limits as they relate to home values, though, so not all borrowers are best served with the jumbo programs available.
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 for the future 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 $726,525 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. Call Toll Free (800) 565-1722 – Or try ARLO™ reverse mortgage calculator that offers side-by-side program comparisons, real-time interest rates and expert recommendations.