Sonoma 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 Sonoma, CA. 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 Sonoma 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.
Sonoma Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Sonoma (est)
||Avg. Home Value
Sonoma 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 Sonoma 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.
Sonoma Lending Limits
Sonoma, California, is located in Sonoma County. Incorporated in 1883, the small city has made a name for itself as a premier destination for
wine enthusiasts and tourists. There are more than 400 wineries in the area.
The city has a population of about 10,897 people and 3,594 of those residents are homeowners 62 years and older. But don’t mistake the small population
numbers (compared to other California cities) as a downside. Numerous restaurants and cafes provide residents and visitors with a unique small-town vibe.
Other than numerous wineries, Sonoma is known for its breathtaking nature. The area’s many hills and hiking trails all offer extraordinary views.
Agriculture and tourism are the largest staples of Sonoma’s economy. And it’s not difficult to see why, as Sonoma is considered the second-best wine
destination in the world, according to U.S. News & World Report.
The median home value in Sonoma is $678,200, which is an increase of 3.1 percent over the last year. It is predicted that home values will rise again this
year by 6.1 percent. Even though a majority of homes are above the maximum reverse mortgage lending limit of $636,150, senior homeowners with higher
valued homes can still access jumbo loan programs to offer more borrowing power.
If you reside in Sonoma 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