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Richmond Reverse Mortgage Lenders
All Reverse Mortgage, Inc. (ARLO™) is proud to be Texas'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 2023 lending limit of $1,089,300.
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!
Richmond Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Richmond (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 Richmond 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.
The roots of the town that would come to be known as Richmond, Texas actually begin 145 miles west in the larger, more well-known city of Austin. A contingent of colonists from Austin traveled up the Brazos RIver, which runs from north-central Texas at the top all the way down to the Gulf of Mexico. These colonists in 1822 stopped near what would one day become Richmond, establishing a settlement they called “Fort Bend.”
Over the next 15 years, the area became established as a thriving community, taking its name from Richmond, England, a town in southwest London. Richmond has the distinction of being one of the first 19 cities incorporated in the Republic of Texas in 1837, a sovereign state which lasted only ten years between 1836 and 1846 before the state’s annexation by the United States in 1845, with the transfer of power from the former republic being ceded to the U.S. government in early 1846.
Some of the area’s most prominent early citizens from the days of the Republic of Texas through its early statehood called Richmond home. Among these is Texas pioneer Jane Long, who after being widowed was given deeds to land including what would later become Fort Bend and later Richmond.
Long started a boarding house instead of going into farming, and after she sold the land which would become Richmond, she moved into the new city and started another boarding house and plantation there. She lived in Richmond until her death in 1880, and is buried in Richmond’s Morton Cemetery. She also has an elementary school named after her in the city.
Also hailing from the area is noted frontiersman Erastus "Deaf" Smith, whose part in the Texas Revolution and role in the Army of the Republic of Texas is well-established in local area lore. After the war, Smith led a contingent of the Texas Rangers before ultimately settling in Richmond, where he died at the age of 50 in 1837. Smith is buried in the now-defunct Calvary Episcopal Churchyard Cemetery in Richmond.
Another notable figure who would call Richmond home was Mirabeau Lamar, a prominent political leader during the days of the Republic of Texas. Trained as an attorney, Lamar became a politician, poet, diplomat, and soldier and was elected president of the Texas Republic after Sam Houston. Lamar had established a plantation in Richmond at the end of his life, and it was there that he died on Christmas day in 1859 at the age of 61. He’s also interred at Morton Cemetery in Richmond, not far from Jane Long.
Richmond was technically a part of the insurgent Confederate States of America during the American Civil War, but it did not have any real conflict boil over in and around its borders until well after the war concluded. In August of 1889, nearly 25 years after the final shot of the Civil War was fired at the Battle of Appomattox Courthouse, the Battle of Richmond was waged where two factions of the Democratic Party fought for control of Fort Bend County in post-Reconstruction Texas. Echoes of the conflict lingered for decades to come.
These days, Richmond is a relatively small town with an estimated 2019 population of 12,578. It is the county seat of Fort Bend County, and is located within the Houston–Woodlands–Sugar Land metropolitan area.
Richmond Lending Limits
11 percent of Richmond’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Richmond’s senior population, 71 percent (accounting for nearly 600 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Richmond their long-term home.
Hundreds of senior households in Richmond 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 Texas, Richmond’s median home price is greater than the rest of the state at $401,518, according to the Zillow Home Value Index as of January 2023. Prices in the area have increased 15.6% over the past year.
Some homes in Richmond may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,089,300, 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 Richmond All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions. Access our online reverse mortgage calculator to estimate your reverse mortgage lending limit or call us Toll Free(800) 565-1722
Additional Lender Resources in TX:
Reversemortgage.org NRMLA Members in Texas: https://www.reversemortgage.org/Find-a-Lender/state/TX
HUD.GOV Lenders: HUD.GOV Approved Lenders Search
Our Exclusive Programs Designed to Fit Your Needs
All Reverse Mortgage© has consistently brought exclusive offers to our valued San Jose 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 6.680% (8.094% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines 6.67% (2.00 Margin) with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Options|
|ZERO Financed Closing Cost Options (*on select jumbo programs)|
|ZERO Monthly Servicing Fees on ALL programs|