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
LIBERTYSTREET FINANCIAL GROUP 404 102,033,505
MUTUAL OF OMAHA MORTGAGE INC. 389 183,352,741
LIBERTY HOME EQUITY SOLUTIONS INC 371 98,291,396
FINANCE OF AMERICA REVERSE LLC 345 138,529,037
THE FEDERAL SAVINGS BANK 344 117,918,400
OMNI HOME FINANCING INC 336 83,114,650
LONGBRIDGE FINANCIAL LLC 309 143,667,531
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 306 128,291,292
U.S. FINANCIAL MORTGAGE CORPORATION 279 57,106,634
AMERICAN PACIFIC MORTGAGE 262 91,000,642
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 202 86,820,500

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. 389 183,352,741
LIBERTY HOME EQUITY SOLUTIONS INC 361 96,456,396
FINANCE OF AMERICA REVERSE LLC 345 138,529,037
THE FEDERAL SAVINGS BANK 344 117,918,400
LONGBRIDGE FINANCIAL LLC 309 143,667,531
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 306 128,291,292
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%

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 883
2 LAS VEGAS 89121 586
3 HENDERSON 89015 504
4 HENDERSON 89052 498
5 LAS VEGAS 89108 447
6 LAS VEGAS 89122 415
7 PAHRUMP 89048 409
8 HENDERSON 89012 409
9 LAS VEGAS 89130 391
10 MESQUITE 89027 375
11 LAS VEGAS 89117 371
12 RENO 89509 370
13 HENDERSON 89074 362
14 NORTH LAS VEGAS 89031 356
15 SPARKS 89436 342
16 LAS VEGAS 89107 341
17 LAS VEGAS 89128 339
18 LAS VEGAS 89123 307
19 LAS VEGAS 89147 301
20 LAS VEGAS 89129 300
21 SPARKS 89434 295
22 HENDERSON 89044 295
23 RENO 89523 284
24 RENO 89506 274
25 LAS VEGAS 89110 265
26 HENDERSON 89014 262
27 RENO 89521 261
28 LAS VEGAS 89135 254
29 LAS VEGAS 89131 254
30 LAS VEGAS 89145 253

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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