Alaska Reverse Mortgage Rules and Guidelines

A reverse mortgage can feel a bit tricky to calculate and can leave you with clammy hands and cold sweats. But depending on your needs, an Alaska reverse mortgage may be a great option for supplemental income. There are four things you should look at when considering a reverse mortgage.

  • Age of the youngest borrower
  • The value of the home
  • Current interest rates
  • Ability to manage debt

Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.

The Factors for AK Borrowers

The minimum age for a reverse mortgage borrower is 62, however the younger spouse’s age is considered because regulations do not allow the non-borrowing spouse to be evicted in the case that the borrower moves out or passes away. Additionally, the age of the initial borrower calculates the amount of money you can borrow against your mortgage.

The value of the home is also taken into consideration when determining the amount of money that the lender can offer. The home equity is assessed to determine the percentage offered.

It is always important to stay up-to-date on current interest rates when determining how much you would like to borrow, it’s also important to factor in receiving a lump sum instead of accruing the loan over time.

The last factor that is examined is the ability of the Alaska homeowner to manage debt. That is why it is important to review your credit score to make sure it is up to par with what the lender would be looking for. Be sure to pay bills on time, have multiple credit cards open and use half or less of the credit available to you.

Types of AK Loans

Additionally, it is important to know what types of loans are available when determining which type of reverse mortgage is best for you. The first and most common reverse mortgage loan is through the FHA-backed HECM (home equity conversion mortgage). The borrowing limits for the HECM is calculated through the value of your property and the principal limit factor (PLF). The PLF is a percentage multiplied by the maximum claim amount to determine the initial amount available to a potential reverse mortgage borrower. However, there are two other reverse mortgages that you should consider depending on your needs.

The second is a jumbo reverse mortgage. These are carried out in the private industry and have their own set of rules when it comes to loans. These types of mortgages are more flexible than HECMs and can be available if you don’t qualify for the FHA program. However, these programs tend to be more costly than their government funded counterparts.

Finally, there is the single purpose reverse mortgage, this type of mortgage can only be used for one purpose. The purpose normally falls under property tax payment, energy efficient renovations or home repairs. These mortgages are offered to low-income buyers through a local non-profit or government agency.

In all reverse mortgages, interest rates are commonly lower but will vary between lenders.

Be sure to consult a licensed reverse mortgage lender to determine what type of loan fits your needs.

Find out how an Alaska reverse mortgage loan can be part of a comfortable retirement. Click here for free information.

Alaska Reverse Mortgage Companies

Lender Loans Total Principal Limit
WELLS FARGO 398 89,927,650
AMERICAN ADVISORS GROUP 167 47,929,500
ONE REVERSE MORTGAGE LLC 127 33,917,050
IREVERSE HOME LOANS LLC 35 11,354,110
SEATTLE MORTGAGE COMPANY 30 4,364,150
LIBERTY HOME EQUITY SOLUTIONS INC 28 8,045,000
FINANCIAL FREEDOM SENIOR FUNDING CORP 21 4,319,200
PROFICIO MORTGAGE VENTURES LLC 16 5,338,500
ALLIED HOME MORTGAGE CAPITAL CORPORATION 16 4,486,550
STAY IN HOME MORTGAGE INC 14 3,190,250
METLIFE BANK NATIONAL ASSOCIATION 12 4,105,200
GENWORTH FINANCIAL HM EQUITY ACCESS INC 11 3,218,500
AMERICAN PACIFIC MORTGAGE 11 3,008,125
COUNTRYWIDE BANK FSB 10 2,650,700
IREVERSE HOME LOANS CORPORATION 10 4,460,000
AXIA FINANCIAL LLC 10 3,259,500
BANK OF AMERICA 9 2,219,550
MUTUAL OF OMAHA MORTGAGE INC. 7 2,491,000
FINANCE OF AMERICA REVERSE LLC 7 2,820,000
AMERICAN MORTGAGE PROFESSIONALS INC 7 1,414,210

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 167 47,929,500
ONE REVERSE MORTGAGE LLC 78 21,702,150
IREVERSE HOME LOANS LLC 31 9,965,110
LIBERTY HOME EQUITY SOLUTIONS INC 25 6,755,000
PROFICIO MORTGAGE VENTURES LLC 15 4,888,500
IREVERSE HOME LOANS CORPORATION 10 4,460,000
AMERICAN PACIFIC MORTGAGE 8 2,253,125
MUTUAL OF OMAHA MORTGAGE INC. 7 2,491,000
FINANCE OF AMERICA REVERSE LLC 7 2,820,000
FIRSTAR BANK NA 6 1,677,000

Recent Reverse Mortgage Rates in Alaska

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.56% 4.11%
2019-03-01 NA 4.02%
2019-04-01 NA 4.72%
2019-05-01 NA 4.42%
2019-06-01 NA 4.83%
2019-08-01 NA 5.45%
2019-10-01 NA 3.46%
2019-12-01 NA 3.62%
2020-01-01 NA 4.64%
2020-03-01 NA 4.12%
2020-05-01 NA 2.80%
2020-06-01 NA 3.27%
2020-07-01 NA 3.53%
2020-08-01 NA 3.68%
2020-09-01 NA 3.05%
2020-10-01 NA 3.54%
2020-11-01 NA 2.78%
2021-01-01 NA 2.71%
2021-02-01 NA 3.18%
2021-03-01 3.06% 2.61%
2021-04-01 NA 2.76%
2021-05-01 NA 2.51%
2021-06-01 NA 2.65%
2021-08-01 3.18% 2.25%
2021-09-01 NA 2.24%
2021-11-01 3.43% 2.81%
2021-12-01 NA 1.89%
2022-01-01 NA 2.12%
2022-02-01 NA 2.97%
2022-03-01 NA 2.68%
2022-05-01 NA 3.78%
2022-06-01 NA 4.50%
2022-07-01 NA 4.50%
2022-08-01 NA 5.42%
2022-11-01 NA 6.50%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 NA 3.76%
2016-02-01 NA 4.04%
2016-03-01 NA 3.73%
2016-04-01 NA 3.94%
2016-05-01 5.06% 4.05%
2016-06-01 NA 4.13%
2016-07-01 NA 4.04%
2016-08-01 NA 4.26%
2016-09-01 NA 4.24%
2016-10-01 NA 4.76%
2016-11-01 NA 4.46%
2016-12-01 5.06% 4.75%
2017-01-01 NA 4.77%
2017-02-01 NA 5.08%
2017-04-01 5.06% 4.57%
2017-05-01 NA 4.45%
2017-06-01 5.06% 4.42%
2017-07-01 NA 4.22%
2017-08-01 NA 4.44%
2017-09-01 NA 4.69%
2017-10-01 NA 4.45%
2017-11-01 NA 4.64%
2017-12-01 NA 4.61%
2018-01-01 4.75% 4.73%
2018-02-01 NA 4.61%
2018-03-01 NA 4.69%
2018-05-01 NA 4.72%
2018-06-01 NA 5.09%
2018-07-01 NA 5.00%
2018-08-01 NA 4.79%
2018-09-01 NA 4.57%
2018-10-01 NA 4.85%
2018-11-01 NA 5.25%

Top Cities in Alaska by Total HECM Loans Originated

Rank City Zip Total
1 WASILLA 99654 76
2 ANCHORAGE 99508 74
3 ANCHORAGE 99507 58
4 ANCHORAGE 99504 58
5 PALMER 99645 46
6 ANCHORAGE 99502 42
7 ANCHORAGE 99517 42
8 ANCHORAGE 99515 42
9 ANCHORAGE 99516 41
10 ANCHORAGE 99501 38
11 WASILLA 99623 34
12 HOMER 99603 31
13 JUNEAU 99801 31
14 SOLDOTNA 99669 29
15 EAGLE RIVER 99577 29
16 KETCHIKAN 99901 28
17 KENAI 99611 28
18 NORTH POLE 99705 27
19 FAIRBANKS 99701 24
20 FAIRBANKS 99709 23
21 ANCHORAGE 99518 22
22 ANCHORAGE 99503 21
23 KODIAK 99615 21
24 SITKA 99835 18
25 STERLING 99672 14
26 WILLOW 99688 13
27 CHUGIAK 99567 12
28 ANCHOR POINT 99556 9
29 BIG LAKE 99652 7
30 DILLINGHAM 99576 6

Find out how a reverse mortgage loan can be part of a comfortable AK retirement. Click here for free information.

Alaska HECM Counselor & HUD Offices

Housing Counselors

MONEY MANAGEMENT INTERNATIONAL – ANCHORAGE, AK.
417 BARROW ST
ANCHORAGE, AK 99501-2515
(866) 232-9080
http://www.moneymanagement.org

Housing and Urban Development (HUD) Office

3000 C. Street, Suite 401
Anchorage, AK 99503
(907) 677-9800
https://www.hud.gov/states/alaska/

Local Pages