Compare Santa Cruz's Best Reverse Mortgages
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Santa Cruz Reverse Mortgage Lenders
All Reverse Mortgage, Inc. (ARLO™) 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, 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 Santa Cruz with higher value homes over the national 2020 lending limit of $970,800.
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!
Santa Cruz Reverse Mortgage Facts
|County||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Santa Cruz (est)||Avg. Home Value|
HUD Approved Direct Lenders
All Reverse Mortgage Inc. (ARLO™) 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 Santa Cruz 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.
Santa Cruz Details
The northern California city of Santa Cruz was first incorporated in 1866, before ultimately being charted a decade later. Settled by tribes of Native Americans from the Awaswas tribe, the first European explorers to discover the territory that would one day become Santa Cruz were Spanish explorers in the early 17th century.
Unfortunately within fifty years of the arrival of the Spanish, the native culture of the area had virtually disappeared and the language became extinct. In modern times, descendents of the Awaswas people in Santa Cruz have joined with the Mutsun in San Juan Bautista as the Amah Mutsan Tribal Band in an effort to protect their shared cultural heritage.
Santa Cruz was under Spanish control from the point of their arrival in 1602 up through the 1820s, when it came under the control of the recently-declared state of Mexico. Though it had status as a former mission, secularization of the California territory ultimately put much of Santa Cruz into private ownership into the 1840s. The conclusion to the Mexican-American War in 1848 led directly to the incorporation of California as a state in 1850, and Santa Cruz was ultimately incorporated as an American city in 1866.
Ino the 20th century, Santa Cruz maintained a proud legacy as a location of numerous buildings dating back to the 19th century and earlier, and maintained a thriving tourism industry centered on that legacy. Unfortunately the Loma Prieta earthquake of 1989 destroyed the vast majority of 19th century structures in the downtown area, and the city’s downtown corridor had to be redesigned and rebuilt over the next two decades. As of 2016, only one lot in the downtown corridor remains empty.
Santa Cruz is home to several state parks and beaches, and is often cited as a surfing destination. The popular O’Neill brand of wetsuits calls Santa Cruz its home, and Santa Cruz serves as the namesake for companies which make surfboards, skateboards and bicycles emphasizing key elements of a beach-centric lifestyle.
Santa Cruz is also home to an institution in the University of California system, maintains a vibrant arts and cultural scene and features a very warm, temperate climate. The average high in January is 60.6 degrees, while the average high in the middle of the summer reaches 74.3 degrees in August.
Santa Cruz Senior Population and Lending Limit
9 percent of Santa Cruz’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Santa Cruz’s senior population, 69 percent (accounting for over 2,500 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Santa Cruz their long-term home.
Thousands of the senior households in Santa Cruz 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 California, Ashland’s median home price is nearly $400,000 greater than the rest of the state at $956,402, according to the Zillow Home Value Index. Prices in the area have increased 0.5 percent over the past year, and Zillow projects that they will continue to fall over the course of the next year by roughly 1.4 percent.
Some homes in Santa Cruz 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 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 Santa Cruz 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
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently broughtexclusive offers to our valued Santa Cruz 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 5.81% (6.81% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 4.88% 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|
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 Santa Cruz, OR 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!"|