Terrebonne's #1 Reverse Mortgage
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We are proud to be Oregon'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 Oregon and Terrebonne, OR.
All Reverse began in 2004, and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is the residential reverse mortgage loan.
We offer reverse mortgages to Tuscon 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, Inc. (ARLO™) is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
Terrebonne Reverse Mortgage Facts
|Homeowners Age 62+
|Reverse Mortgages Closed Last 12 Months
|Purchase Reverse Mortgages Closed Last 12 Months
|Lenders in Terrebonne (est)
|Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage, Inc. (ARLO™) 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, Inc. (ARLO™) originates in Terrebonne 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, Inc. (ARLO™) 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.
Terrebonne, Oregon isn’t exactly a city, but it is a census-designated place and unincorporated community that is home to approximately 1,300 people according to estimates by the U.S. Census Bureau. Terrebonne is located in the metropolitan area primarily defined by the nearby city of Bend, which home to over 100,000 people according to 2019 Census Bureau estimates.
Both cities are situated in Deschutes County, and are about 23 miles apart with Terrebonne to the north, and Bend to the south. Terrebonne is also about 140 miles southeast of Oregon’s largest city, Portland, which would make for about a 4-hour drive across the U.S. 26-East highway.
With the settlement now known as Terrebonne initially called Hillman, the first settlers arrived in modern-day Terrebonne enticed by the proximity to the waters of the Deschutes River. The original name, Hillman, was a portmanteau of two names: James Hill and E.H. Harriman, who at the time were railroad magnates racing each other to lay track into the central region of the state of Oregon.
The name "Terrebonne" came about in the early 20th century. After a massively-disliked real estate developer with the surname "Hillman" started making deals that left citizens at a disadvantage, the town grew so disdainful of his actions that they sought to lose their old name in order to shed any possibility of association with the real estate developer who shared their city’s name. As a result, town’s people arrived at "Terrebonne" after considering a few other options due to the word’s literal translation in French: "good earth".
Two years after adopting its current name, Terrebonne saw the construction of its first schoolhouse, representative of the idea that families were beginning to lay down meaningful roots in the small community. A two-story concrete building, over the course of the structure’s existence it held students across every grade supported by the public school system, before ceding some students necessarily to the larger Redmond Union High School from the nearby larger town of Redmond, Oregon.
In 1952 after the old building was deemed too inefficient for use as a modern school, it was condemned and ultimately destroyed to make way for a new, more modern facility. That building stood regularly used until it was severely damaged by a fire in the early 1970s, requiring remodeling over the course of the next 20 years. By the 1990s, the school was starting to be stretched to its own limits and after major renovation work, an entirely new school building was commissioned and constructed to welcome students in time for the 2008-2009 school year.
The school now operates as the Terrebonne Community School, serving Kindergarten through 5th grade students in a modern building. Students who move onto middle and high school primarily go to facilities hosted by nearby Redmond to continue their education before earning their diplomas. Consequently, Terrebonne Community School is a major employer for the small unincorporated community.
Because of the proximity to Redmond and the larger Bend metropolitan area, Terrebonne residents often avail themselves of amenities found in the larger cities. Bend itself is known by Central Oregon residents as something of a "gateway" to a lot of outdoor sporting activities including mountain biking, fishing, hiking, camping, rock climbing, white-water rafting, skiing, paragliding, and golf, and contains facilities and grounds for all those seeking such activity out.
12 percent of Terrebonne’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Terrebonne’s senior population, 75 percent (accounting for over 5,000 households in nearby Bend) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Terrebonne their long-term home.
Thousands of the senior households in Terrebonne 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 Oregon, Terrebonne’s median home price is less than the rest of the state at $529,660 according to the Zillow Home Value Index as of January 2023. Prices in the area have increased 7.6% over the past year.
Some homes in Terrebonne may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,149,825, 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 Terrebonne All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722