Nevada Reverse Mortgage Definition

How exactly does a reverse mortgage work in NV? That’s something you may be wondering if you have learned anything about what sounds like the oddest type of mortgage you have ever heard of. First of all, a reverse mortgage is not going to be as strange as it sounds once you learn about how it works. It may seem like a strange concept at first, but once you get used to the idea you should realize that it really can be a huge benefit to you.

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

A Nevada Reverse Mortgage Is A Loan

The first thing you need to know about a reverse mortgage is that it is a type of loan. Like any other type of loan, it must be paid off. But unlike most other types of loans, you don’t have to make monthly payments on it. The reason for this is that a reverse mortgage is paid off when the loan ends. So if you decide to move out of your home you can either pay off the balance, or you can sell your home to pay off the balance.

A Reverse Mortgage Is A Better Version Of A Home Equity Line Of Credit

A home equity line of credit is a popular lending option because it allows people to get access to the equity in their home so that they can use the money when they need it. A reverse mortgage does the same thing, but it has a major advantage over a home equity line of credit. That advantage is that even when you borrow the money you still won’t have any payments to make. That’s right, you can pull out thousands of dollars from your Nevada home’s equity and never have a payment to make until you decide to leave your home.

A Reverse Mortgage Is A Way To Allow You To Enjoy Your Retirement in NV

Your golden years when you retire should be time spent enjoying life. You should travel, spend time with family, and do the things that make you happy. What you shouldn’t have to do is worry about money. Unfortunately, this isn’t the case for everyone. Many people reach retirement age and realize that they are not in a position financially to be able to live life in a way that will allow them to enjoy it. With a reverse mortgage, you can change that and go from having to worry about money to never have to worry about it again.

Is A Reverse Mortgage Right For You?

A reverse mortgage is many things. It’s a loan, but it’s a loan that doesn’t require monthly payments. It’s also a way to access the equity in your home, also without monthly payments. Most importantly a reverse mortgage is a pathway to freedom for many Nevada seniors. It can free you from the financial worries that far too many people have to contend with so that you can enjoy your golden years.

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

Largest Reverse Lenders in Nevada

Lender Loans Total Principal Limit
WELLS FARGO 3,783 836,471,907
AMERICAN ADVISORS GROUP 2,611 912,526,992
ONE REVERSE MORTGAGE LLC 890 229,475,905
FINANCIAL FREEDOM SENIOR FUNDING CORP 609 144,180,985
SEATTLE MORTGAGE COMPANY 511 100,330,247
MUTUAL OF OMAHA MORTGAGE INC. 489 232,406,806
FINANCE OF AMERICA REVERSE LLC 420 174,934,862
LIBERTYSTREET FINANCIAL GROUP 404 102,033,505
LIBERTY HOME EQUITY SOLUTIONS INC 371 98,291,396
LONGBRIDGE FINANCIAL LLC 347 166,140,773
THE FEDERAL SAVINGS BANK 345 118,451,400
OMNI HOME FINANCING INC 336 83,114,650
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 333 143,067,017
U.S. FINANCIAL MORTGAGE CORPORATION 279 57,106,634
AMERICAN PACIFIC MORTGAGE 268 94,113,142
FINANCE OF AMERICA MORTGAGE LLC 259 93,297,108
REVERSE MORTGAGE FUNDING LLC 251 108,702,869
EVOFI ONE 220 56,359,430
BANK OF AMERICA 220 53,683,404
PHH MORTGAGE CORPORATION 214 93,627,000

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 2,611 912,526,992
ONE REVERSE MORTGAGE LLC 727 193,942,205
MUTUAL OF OMAHA MORTGAGE INC. 489 232,406,806
FINANCE OF AMERICA REVERSE LLC 420 174,934,862
LIBERTY HOME EQUITY SOLUTIONS INC 361 96,456,396
LONGBRIDGE FINANCIAL LLC 347 166,140,773
THE FEDERAL SAVINGS BANK 345 118,451,400
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 333 143,067,017
FINANCE OF AMERICA MORTGAGE LLC 259 93,297,108
REVERSE MORTGAGE FUNDING LLC 251 108,702,869

NV Interest Rates for Reverse Mortgage Loans

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.81% 5.07%
2019-02-01 4.81% 4.95%
2019-03-01 4.73% 4.86%
2019-04-01 4.83% 4.79%
2019-05-01 4.97% 4.57%
2019-06-01 4.60% 4.66%
2019-07-01 4.51% 4.22%
2019-08-01 4.31% 4.16%
2019-09-01 4.93% 4.16%
2019-10-01 4.71% 4.05%
2019-11-01 4.81% 4.03%
2019-12-01 4.31% 3.94%
2020-01-01 4.43% 3.89%
2020-02-01 3.50% 3.90%
2020-03-01 4.43% 3.99%
2020-04-01 NA 3.44%
2020-05-01 4.41% 3.32%
2020-06-01 3.06% 3.18%
2020-07-01 3.68% 3.25%
2020-08-01 3.22% 3.07%
2020-09-01 3.18% 3.03%
2020-10-01 3.68% 2.97%
2020-11-01 3.45% 2.88%
2020-12-01 3.16% 2.80%
2021-01-01 3.25% 2.76%
2021-02-01 3.26% 2.60%
2021-03-01 3.25% 2.53%
2021-04-01 2.99% 2.42%
2021-05-01 3.50% 2.22%
2021-06-01 3.25% 2.17%
2021-07-01 3.37% 2.13%
2021-08-01 3.48% 2.05%
2021-09-01 3.34% 2.25%
2021-10-01 3.41% 2.13%
2021-11-01 3.57% 2.15%
2021-12-01 3.22% 2.27%
2022-01-01 3.36% 2.33%
2022-02-01 3.47% 2.43%
2022-03-01 3.48% 2.81%
2022-05-01 3.76% 3.71%
2022-04-01 3.48% 3.06%
2022-06-01 3.99% 4.00%
2022-07-01 4.42% 4.53%
2022-08-01 5.81% 5.07%
2022-09-01 5.62% 5.60%
2022-10-01 5.87% 5.96%
2022-11-01 NA 6.58%
2022-12-01 4.93% 6.92%
2023-01-01 NA 7.00%
2023-02-01 NA 7.19%
2023-03-01 NA 7.24%
2023-04-01 NA 7.09%
2023-05-01 NA 7.05%
2023-06-01 NA 7.28%
2023-07-01 6.80% 7.48%
2023-08-01 NA 7.72%
2023-09-01 NA 7.58%
2023-10-01 NA 7.72%
2023-11-01 NA 7.81%
2023-12-01 NA 7.83%
2024-01-01 NA 7.24%
2024-02-01 NA 7.34%
2024-03-01 NA 7.25%
2024-04-01 NA 7.27%
2024-05-01 NA 7.43%
2024-06-01 6.81% 7.31%
2024-07-01 NA 7.38%
2024-08-01 NA 7.23%
2024-09-01 NA 6.70%
2024-10-01 NA 6.42%
2024-11-01 NA 6.26%
2024-12-01 NA 6.41%
2025-01-01 NA 6.42%
2025-02-01 NA 6.45%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.01% 3.59%
2016-02-01 4.82% 3.68%
2016-03-01 5.01% 3.78%
2016-04-01 4.94% 3.99%
2016-05-01 4.99% 4.10%
2016-06-01 4.83% 4.09%
2016-07-01 4.92% 4.07%
2016-08-01 4.85% 4.19%
2016-09-01 4.92% 4.43%
2016-10-01 5.06% 4.48%
2016-11-01 4.95% 4.64%
2016-12-01 4.85% 4.84%
2017-01-01 4.86% 4.79%
2017-02-01 4.96% 4.77%
2017-03-01 4.98% 4.57%
2017-04-01 5.01% 4.49%
2017-05-01 5.04% 4.43%
2017-06-01 5.04% 4.43%
2017-07-01 4.99% 4.46%
2017-08-01 5.04% 4.47%
2017-09-01 5.03% 4.48%
2017-10-01 4.83% 4.48%
2017-11-01 5.05% 4.58%
2017-12-01 4.97% 4.65%
2018-01-01 4.98% 4.61%
2018-02-01 4.88% 4.53%
2018-03-01 4.95% 4.67%
2018-04-01 4.65% 4.73%
2018-05-01 4.75% 4.77%
2018-06-01 4.60% 4.83%
2018-07-01 4.72% 4.62%
2018-08-01 4.60% 4.77%
2018-09-01 4.53% 4.71%
2018-10-01 4.66% 4.74%
2018-11-01 4.96% 4.75%
2018-12-01 4.67% 4.92%

Top Cities in Nevada by Total HECM Loans Originated

Rank City Zip Total
1 LAS VEGAS 89134 902
2 LAS VEGAS 89121 595
3 HENDERSON 89052 513
4 HENDERSON 89015 511
5 LAS VEGAS 89108 462
6 LAS VEGAS 89122 422
7 PAHRUMP 89048 421
8 HENDERSON 89012 417
9 LAS VEGAS 89130 399
10 MESQUITE 89027 384
11 RENO 89509 375
12 LAS VEGAS 89117 374
13 HENDERSON 89074 373
14 NORTH LAS VEGAS 89031 362
15 SPARKS 89436 353
16 LAS VEGAS 89107 346
17 LAS VEGAS 89128 346
18 LAS VEGAS 89123 312
19 LAS VEGAS 89129 311
20 HENDERSON 89044 311
21 LAS VEGAS 89147 306
22 SPARKS 89434 303
23 RENO 89523 293
24 RENO 89506 281
25 RENO 89521 277
26 LAS VEGAS 89110 271
27 HENDERSON 89014 264
28 LAS VEGAS 89131 264
29 LAS VEGAS 89145 259
30 LAS VEGAS 89135 255

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

HECM Counselors Near You

CCCS OF SO. NV DBA FINANCIAL GUIDANCE CENTER
2650 S. JONES BLVD LAS VEGAS, NV 89146-5341
(702) 364-0344
http://www.FinancialGuidanceCenter.org

SPRINGBOARD – LAS VEGAS 84689
215 E WARM SPRINGS RD STE 106
LAS VEGAS, NV 89119-4248
(855) 736-7728
http://www.homeownership.org/

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