Compare Sacramento's Best Reverse Mortgages
Sacramento Reverse Mortgage Lenders
All Reverse Mortgage® is proud to be California'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® 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 Northern California with higher value homes over the national 2020 lending limit of $765,600.
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!
While being the seventh largest city in California, Sacramento is home to the state’s capital. Sacramento is also the county seat of Sacramento County, and a major part of the four county core area of Sacramento, Placer, Yolo and El Dorado Counties. Sacramento grew as a result of Sutter’s fort in the early 1800’s and benefitted greatly from the California Gold Rush. Sacramento has many neighboring cities and unincorporated areas including Antelope, Aden-Arcade, Carmicheal, Fair Oaks, Gold River, La Riviera, Orangevale, Rio Linda/Elverta, North Highland and Vineyard. With its diverse cultural attractions, colleges, theatres and sporting events, Sacramento is a great place to call home and was cited in 2004 as one of America’s most livable cities.
Sacramento Reverse Mortgage Limits
HUD has now announced its interpretation of H.R. 3221 and how it will implement this legislation. HUD cites that the legislation calls for a national limit of $417,000 for the HECM program and this new limit is now in place nationwide. This is very exciting for all Sacramento area residents as they were previously subject to different, lower limits. What this means is that if you are a senior borrower and you own a home in the area valued at more than the previous limit, this represents an even bigger opportunity.
Like most California areas, the Sacramento area residents, contrary to the national results, saw a decrease in the number of HUD HECM mortgages insured from the year to year period-ending September 2008 versus year-ending September 2007. Some speculate that the higher property values in California kept many of the senior borrowers who would otherwise have benefitted from the HUD HECM mortgage from being able to utilize the program. The drop in property values nationwide, the disappearance of private jumbo programs and the increased HECM limits now give Sacramento area residents another reason to again review this product.
Many senior homeowners have seen their retirement funds shrink drastically over the last 15 months. A top congressional budget analyst estimates that pension plans have lost as much as $2 Trillion during this same time. This change in lending limits could not have come at a better time for some Sacramento area seniors who may now be forced to find other ways to augment their incomes. And speaking of selling, HUD has announced that effective January 1, 2009, reverse mortgages can now be used for purchase transactions. Sacramento residents who wish to relocate for any reason can now utilize the reverse mortgage program to purchase a home with no monthly payments as well.
A reverse mortgage uses actuarial tables much the same as insurance products and borrowers receive more money the older they are. Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $400,000 home. When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age. Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers. Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values.
If your property value declines, you may be eligible for less money. If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money. The other factor that changes on which we have already seen several changes this year alone is the margin. The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market. When the margin rises, your ultimate rate increases and you will receive less money. With the purchase program coming out, HUD uses the appraised value to determine proceeds to the borrower. Senior Sacramento borrowers who are able to find homes which appraise for more than the sales price will be required to put even less money down on purchases under the HUD program!
The only constant is your age…you do know how old you are and you do know when your next birthday is. No one can predict the future with interest rates or property values. If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area. The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily. If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!
Sacramento Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Sacramento (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 Anaheim 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.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Anaheim 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 Anaheim, CA 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!"|