Do You Qualify for a Mississippi Reverse Mortgage?

Are you wondering about whether or not you qualify for a reverse mortgage in MS? We’ll explain the requirements for this unique loan. Older Americans like you have used it to:

  • Eliminate monthly mortgage payments
  • Unlock all of that equity that they have worked for years to build up in their homes
  • And continue living in their homes until they decide it’s time to move

Given all of the benefits, you get when you obtain a reverse mortgage it’s not surprising at all that this would interest you. For many seniors, this loan can be a very good option.

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

The Requirements

In order to qualify for a reverse mortgage, there are some guidelines that you have to meet. The good news is that the guidelines are fairly simple. Listed below are the requirements you have to meet:

  1. You must be at least 62 years of age.
  2. The home you are attempting to get a reverse mortgage on must be your primary residence. That means that you won’t be able to use a rental or investment property.
  3. You must demonstrate that you will be financially capable of maintaining your home. This includes paying for any repairs that are needed, as well as paying property taxes.
  4. You must meet with a HUD counselor. The HUD advisor is there to ensure that anyone that gets a reverse mortgage understands what they are doing and what benefits that they will get from it. Basically, the HUD advisor is there to make sure that you aren’t fully aware of your responsibilities when getting a reverse mortgage.
  5. Lastly, you also have to either have a house that is paid for outright, or that has a low amount left on the mortgage. A reverse mortgage is a loan, so it makes sense that the lender would want to ensure that they will be able to get their money back. A reverse mortgage unlocks a good chunk of the equity in your house, but it doesn’t unlock all of it. You are limited to how much money you can borrow so that when you leave your home, the lender can recover the money they are owed with the home is sold.

Summing It Up for MS Borrowers

If you are feeling a little confused by all of this, it’s actually pretty simple. You must be at least 62, owe little or nothing on the home, have the means to care for the home and be willing to meet with a housing counselor. If you have lived in your home for many years, and are nearing retirement age, then you probably qualify for a reverse mortgage. That means that you could be saying goodbye to your money problems forever in the near future when a reverse mortgage eases your financial burden, allowing you to enjoy life.

Click here to get a free reverse mortgage information kit.

Leading Reverse Lenders in Mississippi

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,121 166,088,189
ONE REVERSE MORTGAGE LLC 710 86,434,046
WELLS FARGO 655 86,455,877
FINANCIAL FREEDOM SENIOR FUNDING CORP 280 32,654,922
JTS AND CO 260 36,595,841
FINANCE OF AMERICA REVERSE LLC 214 31,709,701
METLIFE BANK NATIONAL ASSOCIATION 203 32,065,600
TRUSTMARK NATIONAL BANK 162 21,780,162
REVERSE MORTGAGE SOLUTIONS INC 140 18,653,390
EQUIPOINT FINANCIAL NETWORK INC 130 17,802,440
EAGLE MORTGAGE INC 120 16,346,092
LIBERTY HOME EQUITY SOLUTIONS INC 105 12,864,440
GENERATION MORTGAGE COMPANY 92 13,153,751
MUTUAL OF OMAHA MORTGAGE INC. 88 21,250,582
PROFICIO MORTGAGE VENTURES LLC 83 10,463,400
1ST LEGACY CAPITAL LLC 73 11,279,700
FIRSTBANK 70 12,940,900
LIVE WELL FINANCIAL INC 70 9,756,610
REVERSE MORTGAGE USA INC 69 8,896,000
UNITY MORTGAGE CORP 58 4,009,050

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 959 143,306,689
ONE REVERSE MORTGAGE LLC 385 48,560,396
JTS AND CO 188 27,034,741
REVERSE MORTGAGE SOLUTIONS INC 123 16,592,590
FINANCE OF AMERICA REVERSE LLC 104 19,326,691
LIBERTY HOME EQUITY SOLUTIONS INC 97 11,728,440
MUTUAL OF OMAHA MORTGAGE INC. 88 21,250,582
PROFICIO MORTGAGE VENTURES LLC 75 9,462,400
1ST LEGACY CAPITAL LLC 73 11,279,700
LIVE WELL FINANCIAL INC 70 9,756,610

Interest Rates for MS Reverse Mortgages

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 5.16%
2019-02-01 4.75% 5.30%
2019-03-01 NA 5.36%
2019-04-01 NA 4.92%
2019-05-01 NA 5.06%
2019-06-01 NA 5.05%
2019-07-01 NA 4.91%
2019-08-01 NA 4.87%
2019-09-01 NA 4.44%
2019-10-01 NA 4.82%
2019-11-01 NA 4.64%
2019-12-01 NA 4.32%
2020-01-01 NA 5.01%
2020-02-01 NA 4.31%
2020-03-01 NA 4.27%
2020-04-01 NA 4.11%
2020-05-01 NA 3.78%
2020-06-01 NA 3.23%
2020-07-01 NA 3.47%
2020-08-01 NA 3.25%
2020-09-01 NA 3.72%
2020-10-01 NA 3.07%
2020-11-01 NA 3.16%
2020-12-01 NA 3.08%
2021-01-01 NA 2.67%
2021-02-01 3.18% 3.07%
2021-03-01 NA 3.05%
2021-04-01 NA 2.68%
2021-05-01 NA 2.81%
2021-06-01 4.12% 2.39%
2021-07-01 NA 2.35%
2021-08-01 NA 2.53%
2021-09-01 3.31% 2.44%
2021-10-01 NA 2.49%
2021-11-01 3.68% 2.68%
2021-12-01 NA 2.57%
2022-01-01 NA 2.72%
2022-02-01 NA 2.43%
2022-03-01 4.06% 3.48%
2022-05-01 NA 3.94%
2022-04-01 NA 3.52%
2022-06-01 NA 4.52%
2022-07-01 5.06% 4.98%
2022-08-01 5.56% 5.51%
2022-09-01 NA 5.43%
2022-10-01 NA 6.20%
2022-11-01 NA 6.92%
2022-12-01 NA 7.33%
2023-01-01 NA 7.15%
2023-02-01 NA 7.31%
2023-03-01 NA 7.65%
2023-04-01 NA 7.02%
2023-05-01 NA 7.19%
2023-06-01 NA 7.51%
2023-07-01 NA 7.72%
2023-08-01 NA 7.94%
2023-09-01 NA 7.79%
2023-10-01 NA 7.65%
2023-11-01 NA 7.84%
2023-12-01 NA 7.79%
2024-01-01 NA 7.67%
2024-02-01 NA 7.32%
2024-03-01 NA 7.26%
2024-04-01 NA 7.34%
2024-05-01 NA 7.79%
2024-06-01 NA 7.33%
2024-07-01 NA 7.35%
2024-08-01 NA 7.03%
2024-09-01 NA 6.85%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.06% 3.61%
2016-02-01 5.06% 3.70%
2016-03-01 5.06% 3.74%
2016-04-01 5.06% 4.06%
2016-05-01 4.95% 4.08%
2016-06-01 5.06% 4.06%
2016-07-01 5.06% 4.20%
2016-08-01 NA 4.28%
2016-09-01 5.06% 4.37%
2016-10-01 5.06% 4.52%
2016-11-01 5.06% 4.72%
2016-12-01 5.06% 4.87%
2017-01-01 5.06% 4.86%
2017-02-01 5.06% 4.79%
2017-03-01 5.06% 4.62%
2017-04-01 NA 4.57%
2017-05-01 NA 4.37%
2017-06-01 NA 4.38%
2017-07-01 5.06% 4.44%
2017-08-01 4.87% 4.51%
2017-09-01 5.06% 4.52%
2017-10-01 NA 4.54%
2017-11-01 NA 4.64%
2017-12-01 5.06% 4.64%
2018-01-01 NA 4.70%
2018-02-01 NA 4.71%
2018-03-01 NA 4.78%
2018-04-01 NA 4.90%
2018-05-01 NA 4.74%
2018-06-01 4.75% 4.79%
2018-07-01 4.99% 4.72%
2018-08-01 NA 4.81%
2018-09-01 NA 5.13%
2018-10-01 NA 4.95%
2018-11-01 4.31% 5.19%
2018-12-01 NA 5.03%

Top Cities in Mississippi by Total HECM Loans Originated

Rank City Zip Total
1 OCEAN SPRINGS 39564 133
2 GULFPORT 39503 132
3 PICAYUNE 39466 118
4 OLIVE BRANCH 38654 104
5 NATCHEZ 39120 93
6 PEARL 39208 88
7 BRANDON 39042 85
8 HATTIESBURG 39402 82
9 SOUTHAVEN 38671 79
10 BRANDON 39047 79
11 GULFPORT 39507 75
12 COLUMBUS 39702 71
13 DIAMONDHEAD 39525 70
14 CARRIERE 39426 67
15 JACKSON 39211 66
16 HERNANDO 38632 66
17 LONG BEACH 39560 65
18 BILOXI 39532 64
19 BAY SAINT LOUIS 39520 64
20 GULFPORT 39501 63
21 MADISON 39110 62
22 WEST POINT 39773 61
23 HATTIESBURG 39401 61
24 TUPELO 38801 61
25 GAUTIER 39553 58
26 MCCOMB 39648 58
27 VICKSBURG 39180 58
28 PASS CHRISTIAN 39571 57
29 MOSS POINT 39562 54
30 BILOXI 39531 53

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

Housing Counselors Near You

MONEY MANAGEMENT INTERNATIONAL TUPELO
2005 W MAIN ST STE 206-207
TUPELO, MS 38801-3214
(866) 232-9080
http://www.moneymanagement.org

HOUSING EDUCATION AND ECONOMIC DEVELOPMENT, INC.
3405 MEDGAR EVERS BLVD
JACKSON, MS 39213-6360
(601) 981-1960
http://heedhousing.org

MONEY MANAGEMENT INTERNATIONAL – BILOXI
2598 PASS RD STE F
BILOXI, MS 39531-2713
(866) 232-9080
http://www.moneymanagement.org

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