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 2,432 831,589,912
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
THE FEDERAL SAVINGS BANK 339 115,706,400
OMNI HOME FINANCING INC 336 83,114,650
U.S. FINANCIAL MORTGAGE CORPORATION 279 57,106,634
FINANCE OF AMERICA REVERSE LLC 253 96,192,512
FINANCE OF AMERICA MORTGAGE LLC 241 85,545,638
AMERICAN PACIFIC MORTGAGE 239 80,464,492
REVERSE MORTGAGE FUNDING LLC 237 101,676,069
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 232 93,153,112
EVOFI ONE 220 56,359,430
BANK OF AMERICA 220 53,683,404
LONGBRIDGE FINANCIAL LLC 217 94,782,826
SKOFED MORTGAGE FUNDING CORP 190 45,801,050
OPEN MORTGAGE LLC 184 62,258,264

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 2,432 831,589,912
ONE REVERSE MORTGAGE LLC 727 193,942,205
LIBERTY HOME EQUITY SOLUTIONS INC 361 96,456,396
THE FEDERAL SAVINGS BANK 339 115,706,400
FINANCE OF AMERICA REVERSE LLC 253 96,192,512
FINANCE OF AMERICA MORTGAGE LLC 241 85,545,638
REVERSE MORTGAGE FUNDING LLC 237 101,676,069
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 232 93,153,112
LONGBRIDGE FINANCIAL LLC 217 94,782,826
AMERICAN PACIFIC MORTGAGE 185 66,359,127

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%

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 89110 8,008
2 HENDERSON 89014 2,517
3 RENO 89502 1,975
4 NORTH LAS VEGAS 89030 1,069
5 SPARKS 89431 912
6 PAHRUMP 89048 677
7 CARSON CITY 89703 529
8 MESQUITE 89027 444
9 GARDNERVILLE 89410 330
10 MINDEN 89423 196
11 DAYTON 89403 177
12 FERNLEY 89408 169
13 BOULDER CITY 89005 151
14 CLARK 89002 138
15 FALLON 89406 109
16 SUN VALLEY 89433 105
17 YERINGTON 89447 80
18 SILVER SPRINGS 89429 72
19 INCLINE VILLAGE 89450 59
20 WELLINGTON 89444 54
21 LAUGHLIN 89029 53
22 ELKO 89801 53
23 SPRING CREEK 89815 49
24 WINNEMUCCA 89445 39
25 ELY 89301 39
26 WASHOE VALLEY 89704 37
27 WASHOE 89502 26
28 STAGECOACH 89429 23
29 GENOA 89411 21
30 MOUND HOUSE 89706 19

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

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