Compare Pueblo's Best Reverse Mortgages
Pueblo Reverse Mortgage Lenders
We are proud to be Oregon's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, including Pueblo, CO.
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 Pueblo 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.
Pueblo Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Pueblo (est)||Avg. Home Value|
HUD Approved 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 Pueblo 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.
Situated approximately 112 miles south of Denver, Pueblo, Colorado is a moderately-sized city with an estimated 2018 population of just about 112,000 people. This makes it the ninth largest city in the state of Colorado as a whole, and an important center of the Front Range Urban Corridor of the Southern Rocky Mountains.
The area now occupied by modern-day Pueblo actually represents the consolidation of four other towns into one entity, themselves all incorporated in the last 25 years of the 19th century: Pueblo, South Pueblo, Central Pueblo and Bessemer. The first three all legally consolidated into the City of Pueblo in March-April of 1886, while Bessemer was ultimately incorporated into the jurisdiction a little later, in 1894. The consolidation of the formerly-disparate communities led Pueblo to become a major area of development within the state of Colorado, particularly in the field of agriculture.
However, Pueblo’s development would also eventually extend to steel manufacturing, leading to what is even now a core aspect of the city’s identity. In the early years of the 20th century, Pueblo maintained a reputation as the only steel town situated west of the Mississippi River. A devastating flood in 1921 would reshape some of Pueblo’s destiny, however, wiping out about a third of the city’s prominent downtown businesses. Steel remained a major industry in Pueblo, and a steel mill on the south side of the city would be a major employer up until the crash of the steel market in 1982.
Pueblo also gained a reputation in the 20th century as a major “melting pot” of different peoples and cultures, due to the success of the steel industry attracting a large number of immigrant laborers. A 2015 article in the Denver Post even stated that at one point in the city’s history, more than 40 languages were spoken in the steel mill and over two-dozen foreign language newspapers were published in the city alone. These families have persisted into the modern day, giving the city something of a worldly, cosmopolitan reputation and also leading to several specific cultural festivals that honor the heritage of those who emigrated to the area at the turn of the twentieth century.
In recent years, the city has also adopted the nickname “Home of Heroes” due to the fact that it lays claim to four different recipients of the Congressional Medal of Honor, more than any other municipality in the country. In fact, according to the city of Pueblo’s official website, President Dwight D. Eisenhower pointed out Pueblo’s distinction when awarding Raymond G. Murphy with the medal in 1953:
“What is it in the water out there in Pueblo […] all you guys turn out to be heroes.”
The city further codified this element of their legacy with the construction of a monument for its hometown Medal of Honor recipients, situated near the Pueblo Convention Center. Statues of each of the four recipients marking their names, military branches and terms of service are positioned around a central American flag in what’s called “Heroes Plaza.”
Since it sits on high desert terrain in the southern part of the state of Colorado, Pueblo has a semi-arid climate featuring four clearly distinct seasons throughout the year. Summer days, on average, can reach degrees from the high 80s to the low 90s fahrenheit. By contrast, the coldest nights in the dead of winter can get down to about 14 degrees fahrenheit on average. Precipitation is also very low in comparison to other parts of Colorado, with less than 13 inches on average per year.
For senior residents, there are a number of elderly-specific amenities that can be taken advantage of. These include 27 assisted living facilities situated in and around Pueblo, 27 home care agencies, 11 nursing homes and an adult day care center.
Pueblo Senior Population and Lending Limits
16 percent of Pueblo’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Pueblo’s senior population, 78 percent (accounting for 8,793 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Pueblo their long-term home
Thousands of the senior households in Pueblo 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 Colorado, Pueblo’s median home price is $205,100 less the rest of the state at $173,200, according to the Zillow Home Value Index. Prices in the area have increased 11.4 percent over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 6.1 percent.
Some homes in Pueblo may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $726,525, 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 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 Pueblo All Reverse Mortgage® is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call usToll Free(800) 565-1722
Additional Oregon Lender Resource Links:
Top 10 Lender Reviews & Ratings
Reversemortgage.org NRMLA Members in CO: https://www.reversemortgage.org/Find-a-Lender/state/CO
HUD.GOV Approved Lenders in Oregon for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently broughtexclusive offers to our valued Pueblo 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 4.25% (5.95% 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 literallyall 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 Pueblo, CO 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!"|