San Diego Reverse Mortgage Lenders
All Reverse Mortgage ® is the trademarked business name of United Southwest Mortgage Corporation, Inc. headquartered out of Southern California but lending in many states nationwide, including San Diego, California. All Reverse began in November of 2007 and as the name implies, the only loan product that All Reverse Mortgage Company originates is the residential reverse mortgage loan (and United Southwest Mortgage Corporation as well for that matter).
We offer reverse mortgages to San Diego 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 Company is well positioned to be able to assist borrowers with all the specific needs associated with the reverse mortgage programs.
San Diego Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in San Diego (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 San Diego 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.
San Diego Lending Limits
San Diego stands with its reputation as the oldest city in California. Known for its gorgeous beaches and sunny weather, San Diego was founded in 1769 and stands with its rapidly growing population of around three million. This tourist buzzing city has a lot to offer. Including museums, zoos, and even the Old Town San Diego State Historic Park.
Approximately 360,000 senior citizens live in San Diego, most of which are eligible for a mortgage. Our company does nothing but the best service to those in need.
Borrowers in this area where the median home price is above the HUD maximum lending limit (such as many parts of San Diego, CA) need to consider the additional benefits of the HECM credit line growth rate. What does this mean for local homeowners whose property value may be at or above the HUD limit of $625,500? More borrowers are apt to have higher credit lines available when the loan closes. Borrowers who get a reverse mortgage with a $200,000 available line of credit after paying off any existing liens and mortgages (many will have significantly more) will experience significant growth in the line available to them over time. In 15 years, a 62-year-old borrower in San Diego would have over $500,000 available if they left the funds growing. If that same borrower had no current loan to pay off, he/she would have nearly $800,000 available to borrow if needed. That's guaranteed borrowing power and allows borrowers to plan for future expenses by knowing what funds will be available to them in advance.
If you reside in San Diego All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
· How to find the Best Reverse Mortgage Lender
· HUD.GOV Lender List
· ReverseMortgage.org Lender Finder