How Arkansas Reverse Mortgages Work

If you are tired of having to worry about money and want to be able to enjoy your retirement, then an Arkansas reverse mortgage may be a viable solution for you. However, before you decide about whether or not a reverse mortgage is right for you, it’s important that you learn as much as you can about how they work so that you can make an informed decision. Once you learn the basics about reverse mortgages and how they work, then you can decide for yourself if getting one is the right move for you.

Want to learn more? Click here to get free information about a reverse mortgage in Arkansas!

You Have to Meet Certain Requirements to Qualify in AR

If you want a reverse mortgage there are certain requirements that you have to meet. First of all, you have to be at least 62 years old. Second of all, you have to either own your home outright or have a low balance on your mortgage. You also have to demonstrate that you can financially take care of your home – that you will continue paying taxes and insurance – and that you understand the financial obligations involved by meeting with a housing counselor.

You Get to Keep Your Arkansas Home for As Long as You Want to Live in It

When you get a reverse mortgage, you aren’t agreeing to leave your home or sell your home. You can stay in your home for as long as you want to, provided that you’re paying taxes and insurance and are living in the home full time. The most common concern regarding reverse mortgages is that people are afraid they will end up losing their house. This is absolutely not true, and you never have to worry about making any payments until the time comes for you to leave.

You Can Withdraw Money Out of The Equity in Your Home

Not only will a reverse mortgage allow you to stop making any mortgage payments that you are currently making, but it will also allow you to withdraw money from the equity in your home. That’s right, all of those payments you have been making for years will finally pay off when you can unlock all of that money to improve your quality of life. You can use that money to make repairs to the house, do renovations, even remodel your home. If you have bills you have been having trouble paying, then you can use the money you get from your reverse mortgage to pay them. It’s your money you can use it however you want to.

Your Heirs Still Benefit When You Pass Away

Another major concern that people have is that getting a reverse mortgage is selfish and that it will deprive their heirs when they pass away. The truth is that when your time does come, your loved ones will have quite a few options that will benefit them financially. They can pay back the money owed on the reverse mortgage then either keep or sell the home. Or, they can sell them home then use some of the proceeds to pay back the Arkansas reverse mortgage while still netting a nice financial windfall at the same time.

Click here to get a free reverse mortgage information kit.

Arkansas Reverse Mortgage Lenders

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,069 177,896,100
WELLS FARGO 980 141,433,914
ONE REVERSE MORTGAGE LLC 631 90,842,480
FINANCE OF AMERICA REVERSE LLC 576 77,403,350
FINANCIAL FREEDOM SENIOR FUNDING CORP 362 43,065,480
LIBERTY HOME EQUITY SOLUTIONS INC 213 28,088,500
UNITY MORTGAGE CORP 194 13,457,864
NOSARI HOME MORTGAGE INC 182 33,257,500
BANK OF AMERICA 168 26,931,680
METLIFE BANK NATIONAL ASSOCIATION 153 20,457,350
REVERSE MORTGAGE USA INC 143 18,956,728
FIRST CONTINENTAL MTG CORP 118 12,392,844
MOORE MORTGAGE INC 118 20,990,120
REVERSE MORTGAGE SOLUTIONS INC 100 13,069,777
GENERATION MORTGAGE COMPANY 97 13,969,410
1ST AA REVERSE MORTGAGE INC 93 13,420,450
DELTA TRUST MORTGAGE INC 89 17,164,800
SEATTLE MORTGAGE COMPANY 81 9,567,160
GRIFFIN FINANCIAL MORTGAGE LLC 76 9,078,580
EXPRESS MORTGAGE LLC 76 10,295,740

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 979 164,482,450
ONE REVERSE MORTGAGE LLC 380 55,633,450
LIBERTY HOME EQUITY SOLUTIONS INC 202 26,429,000
FINANCE OF AMERICA REVERSE LLC 91 17,677,000
NOSARI HOME MORTGAGE INC 84 16,495,300
REVERSE MORTGAGE SOLUTIONS INC 80 10,306,977
PROFICIO MORTGAGE VENTURES LLC 71 10,649,700
REVERSE MORTGAGE USA INC 66 9,477,800
DELTA TRUST MORTGAGE INC 58 10,825,100
LIVE WELL FINANCIAL INC 57 7,837,100

Want to learn more? Click here to get free information about a reverse mortgage in Arkansas!

Reverse Mortgage Interest Rates Arkansas

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.68% 4.70%
2019-02-01 4.87% 5.48%
2019-03-01 NA 4.91%
2019-04-01 NA 5.12%
2019-05-01 NA 4.61%
2019-06-01 4.93% 5.30%
2019-07-01 NA 4.51%
2019-08-01 NA 4.50%
2019-09-01 NA 4.45%
2019-10-01 NA 4.61%
2019-11-01 NA 4.96%
2019-12-01 NA 4.74%
2020-01-01 NA 4.36%
2020-02-01 NA 4.33%
2020-03-01 NA 4.66%
2020-04-01 NA 3.54%
2020-05-01 NA 3.46%
2020-06-01 NA 3.69%
2020-07-01 NA 3.37%
2020-08-01 NA 3.17%
2020-09-01 3.31% 3.27%
2020-10-01 NA 3.33%
2020-11-01 3.18% 3.45%
2020-12-01 3.06% 2.92%
2021-01-01 NA 3.00%
2021-02-01 NA 2.84%
2021-03-01 NA 2.74%
2021-04-01 2.99% 2.38%
2021-05-01 NA 2.34%
2021-06-01 NA 2.34%
2021-07-01 NA 2.23%
2021-08-01 NA 2.39%
2021-09-01 NA 2.19%
2021-10-01 3.06% 2.64%
2021-11-01 NA 2.53%
2021-12-01 NA 2.55%
2022-01-01 NA 2.54%
2022-02-01 NA 2.86%
2022-03-01 NA 3.16%
2022-05-01 NA 4.02%
2022-04-01 3.31% 3.29%
2022-06-01 NA 3.91%
2022-07-01 NA 4.38%
2022-08-01 5.43% 5.05%
2022-09-01 NA 5.66%
2022-10-01 NA 6.01%
2022-11-01 NA 7.07%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.06% 3.38%
2016-02-01 4.33% 3.66%
2016-03-01 5.06% 3.86%
2016-04-01 5.05% 3.82%
2016-05-01 4.99% 4.03%
2016-06-01 NA 4.04%
2016-07-01 5.06% 4.07%
2016-08-01 5.04% 4.19%
2016-09-01 NA 4.40%
2016-10-01 5.06% 4.49%
2016-11-01 5.06% 4.50%
2016-12-01 4.74% 4.66%
2017-01-01 4.96% 4.82%
2017-02-01 5.06% 4.63%
2017-03-01 5.06% 4.58%
2017-04-01 5.06% 4.51%
2017-05-01 5.06% 4.45%
2017-06-01 5.06% 4.37%
2017-07-01 5.06% 4.41%
2017-08-01 5.06% 4.46%
2017-09-01 5.06% 4.57%
2017-10-01 5.06% 4.55%
2017-11-01 NA 4.57%
2017-12-01 NA 4.60%
2018-01-01 4.92% 4.67%
2018-02-01 NA 4.56%
2018-03-01 NA 4.65%
2018-04-01 5.06% 4.78%
2018-05-01 4.56% 4.62%
2018-06-01 4.43% 4.76%
2018-07-01 4.50% 4.74%
2018-08-01 NA 4.74%
2018-09-01 4.31% 4.87%
2018-10-01 NA 4.76%
2018-11-01 4.31% 4.67%
2018-12-01 4.31% 5.01%

Top Cities in Arkansas by Total HECM Loans Originated

Rank City Zip Total
1 HOT SPRINGS 71913 239
2 MOUNTAIN HOME 72653 215
3 HOT SPRINGS VILLA 71909 164
4 BELLA VISTA 72715 163
5 ROGERS 72756 141
6 JONESBORO 72401 133
7 LITTLE ROCK 72204 128
8 BELLA VISTA 72714 123
9 HOT SPRINGS VILLAGE 71909 118
10 TEXARKANA 71854 104
11 LITTLE ROCK 72206 103
12 SPRINGDALE 72762 101
13 HOT SPRINGS 71901 100
14 SHERWOOD 72120 96
15 HARRISON 72601 92
16 JACKSONVILLE 72076 90
17 FORT SMITH 72903 86
18 SPRINGDALE 72764 85
19 LITTLE ROCK 72209 84
20 ROGERS 72758 82
21 LITTLE ROCK 72205 79
22 VAN BUREN 72956 79
23 NORTH LITTLE ROCK 72118 75
24 PINE BLUFF 71603 75
25 BENTONVILLE 72712 72
26 CABOT 72023 71
27 FAYETTEVILLE 72701 67
28 PARAGOULD 72450 67
29 BENTON 72015 66
30 NORTH LITTLE ROCK 72116 66

AR HECM Housing Counselors

CREDIT COUNSELING OF ARKANSAS
1111 E ZION RD
FAYETTEVILLE, AR 72703-5013
(479) 521-8877
http://www.ccoacares.com

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