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 465 78,258,700
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 124 17,522,760
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
SYNERGY ONE LENDING INC. 52 11,650,650
GENERATION MORTGAGE COMPANY 52 8,525,420
MOUNTAIN PACIFIC MORTGAGE CO 51 5,868,140
CHARTER WEST BANK 44 7,260,250
MUTUAL OF OMAHA MORTGAGE INC. 31 7,656,500
PROFICIO MORTGAGE VENTURES LLC 31 3,519,000
COMMERCIAL FEDERAL MORTGAGE CORP 27 1,415,647
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 7,583,500
LIVE WELL FINANCIAL INC 25 3,953,000

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 441 75,428,300
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
CHARTER WEST BANK 44 7,260,250
LIBERTY FIRST CREDIT UNION 36 6,008,500
FINANCE OF AMERICA REVERSE LLC 36 5,651,600
CHARTER WEST NATIONAL BANK 35 4,588,700
MUTUAL OF OMAHA MORTGAGE INC. 31 7,656,500

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%
2022-04-01 3.93% 3.45%

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 1,220
2 LINCOLN 68510 484
3 BELLEVUE 68005 105
4 GRAND ISLAND 68801 94
5 FREMONT 68025 89
6 HASTINGS 68901 75
7 KEARNEY 68847 67
8 SCOTTSBLUFF 69361 58
9 NORTH PLATTE 69101 52
10 NORFOLK 68701 49
11 PAPILLION 68046 43
12 GERING 69341 41
13 PLATTSMOUTH 68048 38
14 COLUMBUS 68601 37
15 LA VISTA 68128 35
16 BLAIR 68008 29
17 BEATRICE 68310 28
18 SOUTH SIOUX CITY 68776 24
19 ELKHORN 68022 24
20 ALLIANCE 69301 22
21 NEBRASKA CITY 68410 21
22 DOUGLAS 68022 20
23 SEWARD 68434 19
24 MITCHELL 69357 19
25 SIDNEY 69162 18
26 HOLDREGE 68949 18
27 MC COOK 69001 17
28 OGALLALA 69153 17
29 RALSTON 68127 16
30 ASHLAND 68003 16

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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