Snohomish Reverse Mortgage Lenders
All Reverse Mortgage® is proud to be Washington's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends throughout all of Washiongton state including Snohomish, WA. All Reverse began in
November 2007 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 Snohomish 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.
Snohomish Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Snohomish (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 Snohomish 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 Mortgage® 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 well. Jumbo or proprietary
programs typically offer much lower Principal Limits as they relate to values, 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 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.
Snohomish Lending Limits
Located in Snohomish County, Snohomish, Washington had an estimated population of 9,670 residents in 2015 and 2,681 of them are homeowners
62 and older, which means about 27% of the town could be eligible for a reverse mortgage.
Even more, the median home value in Snohomish is $394,600, which is well within the federal lending limit of $636,150.
Snohomish was founded in 1858, but it was called Cadyville until 1871 after one of its founders, E.F. Cady. The name Snohomish
came from the name of a local Native American tribe that dominated the area.
The city is referred to as the “antique capital of the Northwest.” Snohomish also has a historic district that is listed on the National Register of
Historic Places that includes houses with plaques with dates the homes were built as well as the name of the people who originally lived in them.
Every year there are tours of the historic houses.
One house in particular that is a museum and open all year is the Blackman House. The house was built in 1872 by the Blackman brothers from
Maine who ran the Blackman Bros Co., which dominated the early lumber industry of the Snohomish River Valley.
The city is also home to a general aviation airfield. The Harvey Airfield is less than one mile to the southwest of downtown Snohomish.
If you reside in Snohomish or are planning to move there, All Reverse Mortgage is here to answer your questions.
Access our free calculator to
estimate your reverse mortgage loan amount or call us Toll Free (800) 565-1722.