Washington Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in California and provides lending services around the country. 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 Washington 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.
Washington Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Washington
||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 Washington and offers 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; or can help borrowers 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 lower Principal
Limits as they relate to home values, though, so not all borrowers are best served with the jumbo programs available.
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 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.
Washington Lending Limits
Washington had over 7 million residents as of 2015 and of the total population, the Evergreen State has 576,285 homeowners 62 and older.
Though the population of older adult homeowners is small in Washington, the state still makes a great location for retirement for those
looking for a laid back area.
The state is the northwestern-most state in the country and includes the mountains of the Cascade Range running north and south throughout the state.
The largest city in Washington is Seattle with a population of 684,451, followed by Spokane, Tacoma, Vancouver and Bellevue.
The median home value in the state is a bit higher than other areas of the country $318,300, but Washington is one of seven
states that doesn’t levy a personal income tax or collect a corporate income tax and franchise tax.
Keep in mind though that the average home value is still below the national lending limit for reverse mortgages, so if you qualify
for the loan, you could eliminate your mortgage payment and continue to live in your home through retirement.
Washington is also a leading agricultural state and made a total of $10.2 billion in 2013 from agricultural products. Also in 2013,
the state was ranked first in the country in production of raspberries, hops, spearmint oil, sweet cherries, pears, concord grapes and peppermint oil.
In addition, the state is known to have a great apple industry because of the dry, warm summer climates and cold winters in central Washington.
And for you wine lovers, Washington ranks the second in the nation in the production of wine, behind California.
If you reside in Washington, 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