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 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 371 | 98,291,396 |
| MUTUAL OF OMAHA MORTGAGE INC. | 369 | 173,937,661 |
| THE FEDERAL SAVINGS BANK | 344 | 117,918,400 |
| FINANCE OF AMERICA REVERSE LLC | 339 | 135,455,212 |
| OMNI HOME FINANCING INC | 336 | 83,114,650 |
| LONGBRIDGE FINANCIAL LLC | 305 | 140,527,706 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 302 | 126,450,292 |
| 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 | 198 | 85,293,500 |
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. | 369 | 173,937,661 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 361 | 96,456,396 |
| THE FEDERAL SAVINGS BANK | 344 | 117,918,400 |
| FINANCE OF AMERICA REVERSE LLC | 339 | 135,455,212 |
| LONGBRIDGE FINANCIAL LLC | 305 | 140,527,706 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 302 | 126,450,292 |
| 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% |
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 | 879 |
| 2 | LAS VEGAS | 89121 | 586 |
| 3 | HENDERSON | 89015 | 502 |
| 4 | HENDERSON | 89052 | 496 |
| 5 | LAS VEGAS | 89108 | 447 |
| 6 | LAS VEGAS | 89122 | 413 |
| 7 | PAHRUMP | 89048 | 408 |
| 8 | HENDERSON | 89012 | 407 |
| 9 | LAS VEGAS | 89130 | 390 |
| 10 | MESQUITE | 89027 | 374 |
| 11 | LAS VEGAS | 89117 | 370 |
| 12 | RENO | 89509 | 369 |
| 13 | HENDERSON | 89074 | 362 |
| 14 | NORTH LAS VEGAS | 89031 | 355 |
| 15 | LAS VEGAS | 89107 | 340 |
| 16 | SPARKS | 89436 | 340 |
| 17 | LAS VEGAS | 89128 | 337 |
| 18 | LAS VEGAS | 89123 | 306 |
| 19 | LAS VEGAS | 89129 | 300 |
| 20 | LAS VEGAS | 89147 | 300 |
| 21 | SPARKS | 89434 | 294 |
| 22 | HENDERSON | 89044 | 292 |
| 23 | RENO | 89523 | 283 |
| 24 | RENO | 89506 | 274 |
| 25 | LAS VEGAS | 89110 | 265 |
| 26 | HENDERSON | 89014 | 262 |
| 27 | RENO | 89521 | 260 |
| 28 | LAS VEGAS | 89135 | 254 |
| 29 | LAS VEGAS | 89131 | 254 |
| 30 | LAS VEGAS | 89145 | 252 |
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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