Newport #1 Reverse Mortgage
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All Reverse Mortgage, Inc. (ARLO™) is proud to be Oregon'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 our headquartered in Southern California.
All Reverse Mortgage was incorporated in CA November 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) 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 SoCal with higher value homes over the national 2024 lending limit of $1,149,825.
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!
Newport Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Newport (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 Newport 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 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 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.
After a post office in what is now known as Lincoln County, Oregon was erected in 1868 bearing the name "Newport", it would go on to lead to the creation of a new settlement and community that would ultimately adopt that same name. In 1882, the city of Newport, Oregon was first established, situated on right on the Pacific waters of the Oregon coast in the northwestern region of the state.
A popular tourist destination because of its lush scenery and proximity to the waterfront, Newport has been the county seat of the aforementioned Lincoln County since voters approved the measure in 1952, though it’s not a particularly large community with an estimated population of just about 11,000 people according to estimates made by the U.S. Census Bureau in 2019. Situated roughly 130 miles south of the major Portland metropolitan area, Newport thrives off of local tourism and has made itself known as a popular vacation destination for residents up and down the Pacific Northwest.
In addition to a vibrant tourism industry, Newport’s economy is also driven by the fishing industry, as well as in the harvest of timber for construction purposes. Its most visited attraction, by far, is the impressive Oregon Coast Aquarium, sitting on an expansive 23 acres along Yaquina Bay, and famously the home of the Orca whale named "Keiko" for two years, the animal who played the titular character in the popular 1993 film Free Willy.
The aquarium was first conceived of in 1982 as a way to help boost the burgeoning Newport tourism industry, reportedly costing over $11 million to build after securing the funds through a newly-created nonprofit organization. The small city saw the aquarium open to the public for the first time on May 23, 1992, and welcomed an impressive estimated 5,500 guests into its doors on the very first day.
Keiko’s arrival is a pretty amazing story in and of itself. After Free Willy was released to critical and commercial acclaim in 1993, concern over the whale’s welfare at his then-current home in Mexico became one of public interest. At the time residing at an amusement park south of the border, a coalition of environmentalists and schoolchildren hoping to "save Willy" came together to raise a staggering $7.8 million to create a new, state-of-the-art whale habitat for Keiko at the Oregon Coast Aquarium.
With the association heading the aquarium accepting the funds and building the habitat, it then donated the freight charges to have Keiko shipped to Oregon via a C-130 cargo plane from Mexico, and arrived at the aquarium in January of 1996, which boosted the presence of the aquarium and helped to infuse the Newport economy with a lot of additional activity.
In hopes of eventually returning him to the wild, the aquarium agreed with an assessment from Keiko’s caretakers to move him once more to Iceland, where it was hoped he would ultimately return to the wild. After nearly 3 years in Newport, Keiko left the aquarium in September of 1998 and departed Icelandic waters on his own in 2002. He passed away the following year, swimming freely in the fjords of Arasvikfjord, Norway at the age of 27, nearly tripling the life expectancy of orca whales in captivity and amazingly falling just a few years short of average orca life expectancy in the wild.
19 percent of Newport’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Newport’s senior population, 72 percent (accounting for nearly 1,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Newport their long-term home.
Thousands of the senior households in Newport 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, Newport’s median home price is less than the rest of the state at $512,891, according to the Zillow Home Value Index as of January 2023. Prices in the area have increased 18.1% over the past year.
Some homes in Newport may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,149,825, 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.