Are Nebraska Reverse Mortgages a Good Deal?

If that’s a question that you are asking, it’s probably because you have heard about this unique type of loan and want to learn more about how it works. A reverse mortgage can not only stop your requirement to make a monthly mortgage payment, but it also gives you access to your hard earned home equity, a significant source of wealth for most older Americans living in NE. Rather than paying money every month to a mortgage company, they will actually be paying you money instead. In many circumstances, reverse mortgages provide financial benefits and can help you to attain the financial security that you deserve.

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

No More Monthly Mortgage Payment

If you are anything like the many other people that have taken advantage of a reverse home loan, you’ve been making payments to your mortgage company for decades. Now that you are a little older, and are either contemplating retiring or have retired, that mortgage payment can become a major financial burden. Rather than being forced to deal with that burden when you retire and your income level decreases, a reverse mortgage can put an end to your mortgage payments forever – you can use the proceeds of the loan to pay off your forward mortgage.

You Keep Your Home with A Reverse Mortgage in Nebraska

The main reason that people hesitate to take advantage of a reverse mortgage is their unfounded fear that they will somehow end up losing their home. This isn’t true – you retain ownership of your home as long as you continue to pay your taxes and insurance, which you’d need to do regardless, and continue to live in the home as your primary residence. You can do anything to your home that you could do if you didn’t have a reverse mortgage. Feel free to make renovations; in fact, many seniors use the proceeds to make necessary rennovations that allow them to age in place. It’s your home, the only difference being that you will be more financially able to do the things you want because of the monetary advantages that a reverse mortgage provides.

When You Leave Your Home Your Heirs Still Benefit

Another reason that people fail to take advantage of this unique loan is that they worry that they will be depriving their heirs of their inheritance. The truth is that when the time comes for you to leave your home, you or your heirs have options. You can choose to pay back the money that you have borrowed from the mortgage and keep the home. Or you can choose to sell the home, at which point the proceeds will first be used to pay for the reverse mortgage balance, then the remaining funds will be released to you or your heirs. So, you don’t necessarily deprive your heirs. They could still receive a significant financial windfall, and you can live a fuller life with no worry about monetary issues.

An Option You Should Definitely Consider

Are reverse mortgages a good deal? For many, the simple answer is yes. They can be used to eliminate your monthly mortgage payment, relieving you of the burden of having to pay it. They allow you to tap into the equity in your home to make purchases, renovate your home, travel, or do anything else that will allow you to enjoy your money.

Click here to get a free reverse mortgage information kit.

Top Reverse Mortgage Companies in NE

Lender Loans Total Principal Limit
WELLS FARGO 1,277 157,960,202
AMERICAN ADVISORS GROUP 483 81,710,500
ONE REVERSE MORTGAGE LLC 241 31,319,900
FINANCIAL FREEDOM SENIOR FUNDING CORP 211 23,812,420
LIBERTY FIRST CREDIT UNION 129 16,204,262
FINANCE OF AMERICA REVERSE LLC 127 18,417,760
METLIFE BANK NATIONAL ASSOCIATION 109 15,788,800
LIBERTY HOME EQUITY SOLUTIONS INC 93 14,897,742
CHERRY CREEK MORTGAGE CO INC 79 10,439,520
CHARTER WEST NATIONAL BANK 67 8,794,360
REVERSE MORTGAGE SOLUTIONS INC 58 8,670,775
GENERATION MORTGAGE COMPANY 52 8,525,420
SYNERGY ONE LENDING INC. 52 11,650,650
MUTUAL OF OMAHA MORTGAGE INC. 52 13,402,000
MOUNTAIN PACIFIC MORTGAGE CO 51 5,868,140
CHARTER WEST BANK 47 8,039,750
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 11,234,500
PROFICIO MORTGAGE VENTURES LLC 31 3,519,000
COMMERCIAL FEDERAL MORTGAGE CORP 27 1,415,647
OPEN MORTGAGE LLC 26 4,819,900

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 459 78,880,100
ONE REVERSE MORTGAGE LLC 144 19,675,400
LIBERTY HOME EQUITY SOLUTIONS INC 90 14,498,742
REVERSE MORTGAGE SOLUTIONS INC 57 8,570,775
SYNERGY ONE LENDING INC. 52 11,650,650
MUTUAL OF OMAHA MORTGAGE INC. 52 13,402,000
CHARTER WEST BANK 47 8,039,750
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 11,234,500
FINANCE OF AMERICA REVERSE LLC 39 6,546,600
LIBERTY FIRST CREDIT UNION 36 6,008,500

Nebraska Reverse Loan Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 5.11%
2019-02-01 NA 5.12%
2019-03-01 NA 4.42%
2019-04-01 NA 5.09%
2019-05-01 4.62% 4.88%
2019-06-01 NA 4.80%
2019-07-01 NA 4.85%
2019-08-01 NA 4.71%
2019-09-01 NA 4.67%
2019-10-01 NA 4.79%
2019-11-01 NA 4.43%
2019-12-01 NA 4.91%
2020-01-01 NA 4.41%
2020-02-01 NA 3.92%
2020-03-01 NA 4.23%
2020-04-01 NA 4.72%
2020-05-01 NA 3.70%
2020-06-01 NA 3.72%
2020-07-01 NA 3.50%
2020-08-01 NA 3.65%
2020-09-01 NA 3.52%
2020-10-01 NA 3.05%
2020-11-01 NA 3.28%
2020-12-01 NA 3.03%
2021-01-01 NA 2.96%
2021-02-01 NA 2.67%
2021-03-01 3.43% 2.63%
2021-04-01 NA 2.58%
2021-05-01 NA 2.38%
2021-06-01 NA 2.44%
2021-07-01 NA 2.38%
2021-08-01 NA 2.18%
2021-09-01 3.56% 2.20%
2021-10-01 NA 2.23%
2021-11-01 NA 2.24%
2021-12-01 NA 2.49%
2022-01-01 NA 2.78%
2022-02-01 NA 2.90%
2022-03-01 NA 2.97%
2022-05-01 NA 3.86%
2022-04-01 3.93% 3.45%
2022-06-01 NA 3.79%
2022-07-01 NA 5.15%
2022-08-01 NA 5.38%
2022-09-01 NA 5.75%
2022-10-01 NA 6.15%
2022-11-01 NA 6.64%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 NA 3.47%
2016-02-01 4.62% 3.90%
2016-03-01 NA 3.92%
2016-04-01 5.06% 4.02%
2016-05-01 NA 4.13%
2016-06-01 5.06% 3.75%
2016-07-01 NA 4.21%
2016-08-01 5.06% 4.12%
2016-09-01 5.06% 4.58%
2016-10-01 4.52% 4.59%
2016-11-01 NA 4.72%
2016-12-01 4.50% 4.84%
2017-01-01 4.50% 4.75%
2017-02-01 5.06% 4.64%
2017-03-01 5.06% 4.44%
2017-04-01 NA 4.64%
2017-05-01 NA 4.56%
2017-06-01 NA 4.43%
2017-07-01 5.02% 4.38%
2017-08-01 4.75% 4.55%
2017-09-01 NA 4.41%
2017-10-01 5.06% 4.70%
2017-11-01 NA 4.48%
2017-12-01 4.84% 4.65%
2018-01-01 5.06% 4.86%
2018-02-01 NA 4.78%
2018-03-01 4.96% 4.68%
2018-04-01 5.06% 4.72%
2018-05-01 5.06% 4.70%
2018-06-01 5.06% 4.70%
2018-07-01 NA 4.75%
2018-08-01 NA 4.66%
2018-09-01 4.31% 4.83%
2018-10-01 NA 5.30%
2018-11-01 NA 4.98%
2018-12-01 NA 5.33%

Top Cities in Nebraska by Total HECM Loans Originated

Rank City Zip Total
1 OMAHA 68104 143
2 FREMONT 68025 90
3 LINCOLN 68506 86
4 OMAHA 68111 78
5 HASTINGS 68901 76
6 OMAHA 68134 75
7 OMAHA 68144 71
8 LINCOLN 68516 70
9 OMAHA 68106 68
10 OMAHA 68124 64
11 OMAHA 68137 64
12 SCOTTSBLUFF 69361 58
13 BELLEVUE 68005 57
14 OMAHA 68164 55
15 OMAHA 68154 54
16 OMAHA 68107 54
17 NORTH PLATTE 69101 53
18 OMAHA 68112 51
19 NORFOLK 68701 50
20 GRAND ISLAND 68803 49
21 LINCOLN 68521 47
22 LINCOLN 68502 46
23 GRAND ISLAND 68801 46
24 LINCOLN 68505 45
25 LINCOLN 68510 41
26 KEARNEY 68847 41
27 GERING 69341 41
28 OMAHA 68114 41
29 PAPILLION 68046 41
30 COLUMBUS 68601 40

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

Local HECM Counselors

HIGH PLAINS COMMUNITY DEVELOPMENT CORPORATION
803 E 3RD ST STE 4
CHADRON, NE 69337-2855
(308) 432-4346
http://www.highplainscdc.com/

CREDIT ADVISORS FOUNDATION
1818 S. 72ND STREET
OMAHA, NE 68124-1704
(402) 393-3100
http://www.creditadvisors.org

CCCS OF NEBRASKA
809 N 96TH ST
OMAHA, NE 68114-2498
(402) 333-8609
http://www.cccsn.org

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