Compare Washington's Best Reverse Mortgages
Top 10 Reverse Mortgage Lenders in Washington
|Lender Name||Company Start Date||Lender Rating||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.|
|All Reverse Mortgage, Inc. of Washington||15||A+||5.0||99%||2|
|American Advisors Group (AAG)||14||A-||4.1||82%||50|
|Longbridge Financial, LLC||6||A+||3.5||70%||2|
|Reverse Mortgage Funding LLC||6||A+||3.0||60%||8|
|One Reverse Mortgage, LLC (Quicken Loans Inc.)
|Liberty Home Equity Solutions, Inc.||15||A+||2.1||42%||2|
|Synergy One Lending, Inc. (Retirement Funding Solutions)||9||A+||(N/A)||(N/A)||1|
|Fairway Independent Mortgage Corporation||23||A+||2.1||42%||21|
|Finance of America Reverse LLC||15||A+||1.0||20%||2|
We are 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 in 16 states nationwide, including all of Washington state. 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.
Washington Reverse Mortgage Facts
|State||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
The Evergreen state has a population of 7,535,591 and 409,204 of those people are homeowners age 62 and older, which means almost five hundred thousand people may be eligible for a reverse mortgage.
The median home value in Washington is $339,000, which is much lower than the HECM reverse mortgage lending limit of $726,525.
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. Call Toll Free (800) 565-1722 – Or try ARLO™ our revolutionary reverse mortgage calculator that offers side-by-side program comparisons, real-time interest rates and expert recommendations.
Other Areas of Interest in Washington
Washington Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Address||Website||Agency ID||Languages|
|URBAN LEAGUE OF METROPOLITAN SEATTLE||206-461-3792||105 14th Ave Suite 200|
SEATTLE, Washington 98122-5569
Did you know? Washington state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
- Top 10 Lender Reviews & Ratings
- Reversemortgage.org NRMLA Members in Washington
- HUD.GOV Approved Lenders Search
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Washington 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 3.68% (5.25% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% 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 Washington 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!"|