Novato Reverse Mortgage Lenders
All Reverse Mortgage ® is the trademarked business name of United Southwest Mortgage Corporation, Inc. headquartered out of Southern California but lending in many states nationwide, including Novato, CA. All Reverse began in November of 2007 and as the name implies, the only loan product that All Reverse Mortgage Company originates is the residential reverse mortgage loan (and United Southwest Mortgage Corporation as well for that matter).
We offer reverse mortgages to Novato 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 Company is well positioned to be able to assist borrowers with all the specific needs associated with the reverse mortgage programs.
Novato Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Novato (est)
||Avg. Home Value
Novato Direct Lenders
United Southwest and All Reverse are approved lenders with HUD (Department of Housing and Urban Development) 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 Novato and closes both refinance loans where borrowers already own their home and are looking 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 the 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.
Novato Lending Limits
Located in the northernmost part of Marin County, California, Novato is in the northern part of the San Francisco Bay area. The city is still relatively young,
having been incorporated in January 1960. Today, nearly 54,133 people live in the city. About 11,902 of residents are seniors 62 years or older.
Novato represents a quiet get-away from San Francisco, which is about 29 miles away. The city has a lot to offer to residents and visitors looking for a
relaxing getaway. The city offers attractions like the Space Station Museum, the Marin Museum of Contemporary Art, the Novato Arts Center at Hamilton
Field. If individuals and families enjoy spending their time outdoors, they can visit Olompali State Historic Park.
More than 2,500 businesses are located in Novato. The city is home to corporate headquarters, large-scale retailers, speciality boutique shops and
The median home value in Medford is $765,500, which is an increase of 3.7 percent in the last one year. In the next 12 months, home values are expected to
increase another 1.4 percent. Most homes will be over the federal reverse mortgage lending limit of $636,150, set by the Federal Housing Administration.
However, senior homeowners can consider taking out a jumbo reverse mortgage if their home is valued above the limit insured by the FHA.
If you reside in Novato All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
· How to find the Best Reverse Mortgage Lender
· HUD.GOV Lender List
· ReverseMortgage.org Lender Finder