Riverside & Inland Empire Reverse Mortgage Specialists

If you or a family member would like an informational package or an appointment with one of our local specialists

Please call Toll Free ☎ 888-801-2762 Ext 1 -or- complete our online questionnaire for yor quick benefits package via email

We specialize in Riverside, San Bernadino & Inland Empire Reverse Mortgages for seniors. A reverse mortgage enables senior homeowners to sustain their retirement while living in the home and community they love. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout Riverside and surrounding areas. All Reverse Mortgage Company, Riverside CA.

We often offer much Lower Rates & Fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity in your Reverse Mortgage

Our Senior Lending Specialists are some of the most dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close

We offer all available government insured reverse mortgage programs including low fixed rates, enhanced lending limits and home purchase options.

Riverside, San Bernadino & Inland Empire Reverse Mortgages

Riverside County stretches from Orange County to the west all the way to the Colorado River on the east which borders the State of Arizona.  To the North is San Bernardino County and the Riverside-San Bernardino Areas are commonly referred to as the Inland Empire.  The 2007 population of Riverside County was 2,073,573 and San Bernardino County has a population for the same time period of 2,028,013.  Not counting some “county equivalents” in four Alaska boroughs, San Bernardino County is the largest county in land area in the United States.  In fact, San Bernardino County is larger than 9 of the smaller states.  Riverside and San Bernardino Counties have been extremely fast growing in the recent years partly due to the fact that they are so much more affordable than their neighboring counties of Los Angeles and Orange.

In addition to the City of San Bernardino, San Bernardino County has some other large cities including Fontana, Ontario, Rancho Cucamonga, Victorville, Rialto, Chino, Hesperia, Upland and many resort type areas such as Big Bear Lake, Joshua Tree, Oak Glen, Wrightwood and others.  Riverside County also has its share of bigger cities including Riverside, Moreno Valley, Corona, Temecula, Murrieta and Hemet, but also has a number of popular second home and vacation spots including Palm Springs, Palm Desert, Indio, La Quinta, and Idyllwild.  Both Riverside and San Bernardino Counties are rich in desert and mountain areas making the two counties ideal locations for families and for retirees.

Reverse Mortgage Limits: Riverside, San Bernadino & Inland Empire

Seniors have seen a definite benefit from the recent legislation which raised the loan limits to a nationwide level of $417,000.  Many Inland Empire senior homeowners have seen their retirement funds shrink drastically over the last 15 months.  A top congressional budget analyst estimates that pension plans have lost as much as $2 Trillion during this same time.  This change in lending limits could not have come at a better time for some Riverside and San Bernardino area seniors who may now be forced to find other ways to augment their incomes. 

And speaking of selling, HUD has announced that effective January 1, 2009, reverse mortgages can now be used for purchase transactions.  Riverside, San Bernardino and all surrounding senior residents who wish to relocate for any reason can now utilize the reverse mortgage program to purchase a home with no monthly payments as well.  This includes seniors age 62 and over who are not currently homeowners.  With the huge desert communities these counties have to offer, seniors can take advantage of the program to purchase an affordable home in any of the golf or other senior communities in the Inland Empire.

A reverse mortgage uses actuarial tables much the same as insurance products and borrowers receive more money the older they are.  Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same home.  When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age.  Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers.

Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values.  If your property value declines (as unfortunately many home is Riverside and San Bernardino Counties have done over the last two years), you may be eligible for less money.  If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money.  And in some instances with the purchases, you have to wonder how long the current prices will remain as low as they are right now. 

The other factor that changes on which we have already seen several changes this year alone is the margin.  The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market.  When the margin rises, your ultimate rate increases and you may receive less money if the margin and the index both rise at the same time.  With the purchase program coming out, HUD uses the appraised value to determine proceeds to the borrower.  Senior Riverside and San Bernardino County borrowers who are able to find homes which appraise for more than the sales price will be required to put even less money down on purchases under the HUD program as the program is stated in HUD Mortgagee Letter 2008-33.  There is some speculation that HUD may change this requirement though and base the eligibility on the sales price or appraised value, whichever is lower.

The only constant is your age…you do know how old you are and you do know when your next birthday is.  No one can predict the future with interest rates or property values.  If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area.  The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!