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 158 44,658,500
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
AMERICAN PACIFIC MORTGAGE 11 3,008,125
GENWORTH FINANCIAL HM EQUITY ACCESS INC 11 3,218,500
COUNTRYWIDE BANK FSB 10 2,650,700
AXIA FINANCIAL LLC 10 3,259,500
IREVERSE HOME LOANS CORPORATION 10 4,460,000
BANK OF AMERICA 9 2,219,550
AMERICAN MORTGAGE PROFESSIONALS INC 7 1,414,210
AMTEC FUNDING GROUP LLC 6 1,788,000
REVERSE MORTGAGE SOLUTIONS INC 6 1,301,000

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 158 44,658,500
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
FINANCE OF AMERICA REVERSE LLC 6 2,170,000
FIRSTAR BANK NA 6 1,677,000
PEOPLES BANK 6 2,095,000

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%

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 ANCHORAGE 99508 434
2 WASILLA 99687 113
3 FAIRBANKS 99709 50
4 PALMER 99645 44
5 JUNEAU 99801 30
6 EAGLE RIVER 99577 29
7 SOLDOTNA 99669 29
8 KENAI 99611 27
9 HOMER 99603 27
10 KETCHIKAN 99901 26
11 NORTH POLE 99705 26
12 KODIAK 99615 21
13 SITKA 99835 18
14 WILLOW 99688 13
15 STERLING 99672 13
16 CHUGIAK 99567 12
17 BIG LAKE 99652 9
18 ANCHOR POINT 99556 9
19 DILLINGHAM 99576 6
20 KOTZEBUE 99752 6
21 NINILCHIK 99639 5
22 NIKISKI 99635 5
23 HOONAH 99829 5
24 TALKEETNA 99676 5
25 DELTA JUNCTION 99737 5
26 HAINES 99827 5
27 TOK 99780 4
28 HOUSTON 99687 4
29 WRANGELL 99929 4
30 MATANUSKA-SUSITNA 99623 4

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