Compare Port Orchard's Best Reverse Mortgages
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Port Orchard Reverse Mortgage Lenders
We are proud to be Washington'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 Washington and Port Orchard, WA.
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 Port Orchard 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.
Port Orchard Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Port Orchard (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 Port Orchard 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 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.
Port Orchard Details
In 1854, the first European-Americans, William Renton and Daniel Howard, settled Port Orchard after setting up a sawmill there. It was originally mapped out in 1886 by Frederick Stevens, who named the new location after his father. But shortly thereafter, the U.S. Navy sought a suitable location for another installation on the West Coast, and found it in Orchard Bay with the help of Sidney’s residents.
Today, Port Orchard is the county seat of Kitsap County. It is located 13 miles west of Seattle, connected to Seattle and Vashon Island via the Washington State Ferries run to Southworth. It is named after Port Orchard, the strait that separates Bainbridge Island from the Kitsap Peninsula and had an estimated population of 14,597 as of 2019.
According to the United States Census Bureau, Port Orchard has a total area of 8.5 square miles, only 7.3 square miles of which are land and 1.3 square miles of which are water. As of 2000, the median income for a household in the city was $34,020, and the median income for a family was $41,946. About 10.9% of families and 12.9% of the population were below the poverty line, including 17.2% of those under age 18 and 9.1% of those age 65 or over.
Port Orchard maintains a warm, temperate climate with cold fronts and moisture from the Pacific Ocean. The area sees 153 days of sunshine each year compared to the national average of 205. It also receives 47 inches of precipitation per year, with 7 inches of snow. In addition, Port Orchard has an average high temperature of 76 degrees, and an average low of 37 degrees.
Port Orchard Lending Limits
14.9 percent of Port Orchard’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Port Orchard’s senior population, 76 percent (accounting for 715 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Port Orchard their long-term home.
Thousands of the senior households in Port Orchard 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 Washington, Port Orchard’s median home price is less than the rest of the state at $429,191, according to the Zillow Home Value Index. Prices in the area have increased 17.9 percent over the past year.
Some homes in Port Orchard may be worth more than this median value. If your home has been appraised for more than the 2021 HUD lending limit of $822,375, 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.
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 Port Orchard All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Port Orchard 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 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% 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 Port Orchard, WA 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!"|