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Peoria Reverse Mortgage Lenders
We are proud to be Arizona'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 Arizona and Peoria, AZ.
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 Peoria 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.
Peoria Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Peoria (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 Peoria 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 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.
Situated about 13 miles northwest of Phoenix, Peoria is a moderately-sized suburb of the larger city with an estimated population of just under 170,000 as of 2017 and according to U.S. Census Bureau data. The city was named after the city of Peoria, Illinois, which itself was named after a corruption of the Native American Illini word for “prairie fire.”
Sitting in the Salt River Valley, the history of Peoria in Arizona goes back to the late 19th century, when a man named William John Murphy recruited settlers (many of whom resided in the aforementioned city of Peoria in Illinois) to create a new community in the state of Arizona. In August of 1888, the town of Peoria was officially granted its own post office, serving a total population of 27 people at that time. By 1891, the town was further legitimized when a school building was constructed and its first classes took place.
Like a lot of burgeoning 19th century communities, Peoria experienced major growth when a spur line of the Santa, Prescott and Phoenix Railroad was placed in Peoria in 1891. That began a notable four year streak of growth, but it wasn’t until 1919 that the town’s very own Chamber of Commerce was first established.
Before the United States entered World War II, Luke Air Force Base was established near Peoria in 1940. A combination of the base’s establishment, increased economic activity and the mass production of air conditioners all led to greater population growth in Peoria by the mid-1950s.
After more soldiers began to return home from overseas to start raising families in the aftermath of World War II and the Korean War, there was a postwar construction boom that transformed Peoria into a major suburb of the Phoenix metropolitan area.
Peoria is also home to the spring training location of at least two Major League Baseball teams, the San Diego Padres and the Seattle Mariners. The Peoria Sports Complex was constructed in 1994, and allows both teams to make year-round use of the facility for training and player development.
These days, Peoria’s identity is more closely linked to that of a resort or leisure destination. The area is currently developing a new freeway corridor called Loop 303, designed to increase connection to businesses and industrial development.
Interestingly, the city of Peoria is actually situated across two counties in the state of Arizona, Maricopa and Yavapai, though the majority of the population are residents of Maricopa County. The northern end of the city is close to a number of mountains including, but not limited to Sunrise Mountain, Calderwood Butte, White Peak and the Hieroglyphic Mountains.
Tourism highlights the presence of two major MLB teams that call the city home for Spring Training, and the city even made USA Today’s “10 Best” list, emphasizing great reasons to visit the area including Lake Pleasant Regional Park, the seven mile hike that leads to the Castle Hot Springs, the Arizona Broadway Theatre that brings Broadway plays to the area and a variety of local restaurants and resorts.
The climate in the area is comparable to neighboring Phoenix, with the highest recorded average temperature being around 107 degrees fahrenheit in the middle of the summer, and the lowest average being 66 in the month of December.
Peoria Senior Population and Lending Limits
14% of Peoria’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. The vast majority of Oro Valley’s senior population, 79% (accounting for nearly 11,000 households) are also homeowners as opposed to renters. That means there’s a quite large community of seniors that call Peoria their long-term home.
Thousands of the senior households in Peoria 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 Arizona, Peoria’s median home price is over $27,000 higher than the rest of the state at $279,600, according to the Zillow Home Value Index. Prices in the area have increased 5.4% over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 2.3%
While some homes in Peoria may be worth more than this median value, if your home has been appraised for more than the HUD lending limit of $765,600, 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 HUD-backed HECM reverse mortgage.
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 Peoria, All Reverse Mortgage® is here to answer your questions.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Peoria 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 3.68% (5.25% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% 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 Peoria, AZ 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!"|