Compare Sun Lakes's Best Reverse Mortgages
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Sun Lakes Reverse Mortgage Lenders
We are proud to be Arizona'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 including all of Arizona and Sun Lakes, AZ.
All Reverse began in 2004, 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 Sun Lakes 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.
Sun Lakes Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Sun Lakes (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 Sun Lakes 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 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.
Sun Lakes Details
While not technically a city, Sun Lakes, Arizona - where an estimated three-quarters of the population is made up of senior citizens - is a very large active adult community in an already popular retirement state. With three separate homeowners associations and five different active adult community setups, the estimated population of around 14,000 residents are also spread out across several different gated and non-gated communities, and a slew of amenities designed to appeal to the residents who have decided to call it home.
The brainchild of real estate developer Ed Robson, Sun Lakes was first conceived of in the early 1970s. Seeing an opportunity to establish a new community, Robson acquired 2,560 acres of farmland in a limited partnership for the Sun Lakes development near Chandler, Arizona, in 1972, and at first the partnership primarily consisted of the sale of lots for mobile homes in an effort to compete with the nearby Sun City.
Realizing that the location he had acquired had greater potential for the community, the Sun Lakes partnership pivoted from only offering mobile home lot sales to selling single-family homes. This move proved to be a good business decision, and Robson served at the forefront of an additional two decades of speedy growth for the fledgling community, which saw no signs of slowing down by the time 1996 arrived on the calendar. This was in spite of very real challenges facing property developers all across the country, including record-high interest rates in the 1980s and a cooling off of the housing market in the late 1980s and early 1990s.
That success for the young community led to the entirety of the development eventually selling out. Sun Lakes consists of nearly 10,000 homes, five golf courses, five country clubs, two upscale shopping centers, its own medical center and an additional education center. Due to Sun Lakes being filled to near-capacity by the mid-2000s, Robson founded Robson Ranch Arizona that August in order to meet the additional and still-pronounced housing demand for active American seniors who have chosen to reside or move to the southeast area of metropolitan Phoenix.
The active adult component of Sun Lakes is also very true, as nearly 1,000 of the estimated 14,000 senior residents continue to work. Sun Lakes is home to a total of nearly 70 assisted living facilities in and around the community, further bolstered by an additional four home care agencies and four nursing homes in the area. Most of the current residents of Sun Lakes have moved there within the last 20 years, and over a quarter of the full senior population in the area are military veterans giving way to a vibrant VFW community.
Sun Lakes Lending Limits
73 percent of Sun Lakes’ population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Sun Lakes’ senior population, 93 percent (accounting for nearly 6,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Sun Lakes their long-term home.
Thousands of the senior households in Sun Lakes 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 Arizona, Sun Lakes’ median home price is $76,000 greater than the rest of the state at $379,341, according to the Zillow Home Value Index. Prices in the area have increased 12.7 percent over the past year, and Zillow projects that they will continue to rise over the course of the next year by roughly 11.4 percent.
Some homes in Sun Lakes 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 Sun Lakes, All Reverse Mortgage® 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 brought exclusive offers to our valued Sun Lakes 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 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% 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 Sun Lakes, AZ 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!"|