New Mexico Reverse Mortgages Explained

For some seniors in New Mexico, a reverse mortgage seems like such a strange concept that they really needs to be broken down in as simple of terms as possible. This isn’t due to their inability to understand a new concept, rather it’s because the concept of a reverse mortgage is so different from how most people think of when they envision a loan. After all what kind of loan doesn’t have payments, and instead can even make payments to you? While this may seem strange, the truth is that a reverse mortgage is an option that more and more people are embracing so that they can stop worrying about money and start enjoying their golden years.

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

A Reverse Mortgage Is For NM Adults 62 Or Older

A reverse mortgage is not available to just anyone in the state of New Mexico. To qualify you must be at least 62 years old, and you also have to have sufficient equity in your home. Chances are that if you have lived in your home for some time the equity part won’t be a problem.

A Reverse Mortgage Means No More Monthly House Payments Ever Again

The biggest reason that people are starting to embrace the idea of reverse mortgages is the fact that it means no more mortgage payments. You’ve worked hard your entire life, so rather than continue to struggle as you try to pay off your house with retirement looming, a reverse mortgage eliminates that burden. Instead of making payments you can even have money paid out to you from the equity in your home.

You Still Own Your NM Home

When you get a reverse mortgage you still own your home. Nothing changes, and you can still treat your home just like you always have. The only difference being that you are going to have to pay back the reverse mortgage when you leave your home. That can mean selling your home than paying off the loan or just paying off the loan. The option is up to you, or to any of your heirs that inherit your home after you have passed away. So don’t worry, if you get a reverse mortgage the home you have worked so hard for will still be your home for as long as you want it to be, so long as you continue making the insurance and tax payments for it that you already have to make anyway.

New Mexico Reverse Mortgages Are Meant To Allow You To Enjoy Your Golden Years

In an ideal world when you retire your home will be paid off, you will have no debt, and you will have more than enough money to live life without having to worry about finances. Unfortunately, this is not an ideal world, and this type of scenario rarely plays out. Instead, many people continue to struggle into their golden years. This is why reverse mortgages were created, and why they have continued to grow in popularity. They can take all of that financial burden that has been weighing you down and greatly reduce it. Instead of struggling to pay your bills a reverse mortgage can give you the money you need to enjoy life and do the things you have always wanted to do.

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

Biggest Reverse Mortgage Lenders in NM

Lender Loans Total Principal Limit
WELLS FARGO 1,674 289,180,643
AMERICAN ADVISORS GROUP 919 229,544,388
ONE REVERSE MORTGAGE LLC 460 95,825,480
FINANCIAL FREEDOM SENIOR FUNDING CORP 353 54,038,605
A NEW MEXICO REVERSE MORTGAGE OF SOUTHWE 297 72,393,714
FINANCE OF AMERICA REVERSE LLC 259 74,374,142
BANK OF AMERICA 207 45,683,070
LEWALLEN MORTGAGE INC 198 31,867,974
PRIMARY RESIDENTIAL MORTGAGE INC 179 36,790,846
QMC HOLDING INC 162 48,678,037
METLIFE BANK NATIONAL ASSOCIATION 138 32,911,910
LEGACY MORTGAGE LLC 135 44,772,696
MUTUAL OF OMAHA MORTGAGE INC. 118 41,645,625
AKT AMERICAN CAPITAL INC. 111 43,637,510
REVERSE MORTGAGE FUNDING LLC 105 27,571,362
LIBERTY HOME EQUITY SOLUTIONS INC 94 19,948,975
AMERIPLEX MORTGAGE A DIV OF MAIN BANK 90 24,163,791
ANCHOR MORTGAGE GROUP INC 89 20,906,600
SUNWEST BANK OF ALBUQUERQUE NA 86 6,760,350
UNITY MORTGAGE CORP 83 8,942,214

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 802 207,268,658
A NEW MEXICO REVERSE MORTGAGE OF SOUTHWE 297 72,393,714
ONE REVERSE MORTGAGE LLC 232 50,668,700
FINANCE OF AMERICA REVERSE LLC 165 56,913,500
LEGACY MORTGAGE LLC 135 44,772,696
MUTUAL OF OMAHA MORTGAGE INC. 118 41,645,625
REVERSE MORTGAGE FUNDING LLC 105 27,571,362
PRIMARY RESIDENTIAL MORTGAGE INC 91 20,679,216
LIBERTY HOME EQUITY SOLUTIONS INC 89 18,772,975
AKT AMERICAN CAPITAL INC. 89 34,442,150

Understanding New Mexico Reverse Mortgage Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.56% 4.71%
2019-02-01 4.71% 5.00%
2019-03-01 4.56% 4.91%
2019-04-01 4.77% 4.77%
2019-05-01 4.56% 4.68%
2019-06-01 5.06% 4.75%
2019-07-01 4.68% 4.32%
2019-08-01 4.56% 4.14%
2019-09-01 NA 4.26%
2019-10-01 NA 4.33%
2019-11-01 NA 4.27%
2019-12-01 NA 4.24%
2020-01-01 NA 4.09%
2020-02-01 NA 3.86%
2020-03-01 NA 4.01%
2020-04-01 4.31% 3.54%
2020-05-01 4.06% 3.38%
2020-06-01 NA 3.30%
2020-07-01 3.99% 3.49%
2020-08-01 NA 3.13%
2020-09-01 3.18% 3.00%
2020-10-01 NA 3.07%
2020-11-01 3.31% 2.74%
2020-12-01 3.06% 2.97%
2021-01-01 3.21% 2.88%
2021-02-01 3.31% 2.83%
2021-03-01 3.31% 2.55%
2021-04-01 NA 2.54%
2021-05-01 NA 2.32%
2021-06-01 3.06% 2.13%
2021-07-01 3.20% 2.24%
2021-08-01 4.03% 2.25%
2021-09-01 3.20% 2.33%
2021-10-01 3.16% 2.06%
2021-11-01 3.40% 2.20%
2021-12-01 3.09% 2.26%
2022-01-01 3.29% 2.37%
2022-02-01 3.31% 2.36%
2022-03-01 NA 2.90%
2022-05-01 3.18% 3.97%
2022-04-01 3.56% 3.12%
2022-06-01 5.05% 4.10%
2022-07-01 4.99% 4.64%
2022-08-01 5.18% 5.23%
2022-09-01 NA 5.53%
2022-10-01 NA 5.90%
2022-11-01 NA 6.55%
2022-12-01 NA 7.28%
2023-01-01 NA 7.07%
2023-02-01 7.43% 7.10%
2023-03-01 NA 7.22%
2023-04-01 6.68% 6.77%
2023-05-01 NA 6.97%
2023-06-01 NA 7.40%
2023-07-01 NA 7.18%
2023-08-01 NA 7.70%
2023-09-01 NA 7.59%
2023-10-01 6.56% 7.75%
2023-11-01 NA 7.35%
2023-12-01 NA 7.70%
2024-01-01 NA 7.31%
2024-02-01 NA 7.36%
2024-03-01 NA 7.42%
2024-04-01 NA 7.14%
2024-05-01 NA 7.31%
2024-06-01 NA 7.29%
2024-07-01 NA 7.34%
2024-08-01 NA 6.95%
2024-09-01 NA 6.82%
2024-10-01 NA 6.25%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.06% 3.56%
2016-02-01 5.06% 3.78%
2016-03-01 4.97% 3.95%
2016-04-01 4.86% 3.95%
2016-05-01 5.06% 4.02%
2016-06-01 NA 4.03%
2016-07-01 4.78% 4.12%
2016-08-01 4.95% 4.32%
2016-09-01 4.78% 4.30%
2016-10-01 5.02% 4.52%
2016-11-01 5.06% 4.52%
2016-12-01 4.85% 4.55%
2017-01-01 NA 4.75%
2017-02-01 NA 4.76%
2017-03-01 4.50% 4.65%
2017-04-01 4.92% 4.52%
2017-05-01 5.06% 4.45%
2017-06-01 4.98% 4.41%
2017-07-01 NA 4.40%
2017-08-01 4.90% 4.41%
2017-09-01 4.87% 4.39%
2017-10-01 4.69% 4.47%
2017-11-01 4.78% 4.56%
2017-12-01 4.90% 4.65%
2018-01-01 4.81% 4.75%
2018-02-01 5.06% 4.67%
2018-03-01 4.79% 4.58%
2018-04-01 NA 4.85%
2018-05-01 4.71% 4.87%
2018-06-01 NA 4.96%
2018-07-01 4.51% 4.79%
2018-08-01 NA 4.58%
2018-09-01 4.31% 4.41%
2018-10-01 4.81% 4.90%
2018-11-01 NA 5.03%
2018-12-01 NA 5.42%

Top Cities in New Mexico by Total HECM Loans Originated

Rank City Zip Total
1 ALBUQUERQUE 87111 406
2 RIO RANCHO 87124 370
3 ALBUQUERQUE 87112 345
4 ALBUQUERQUE 87110 331
5 SANTA FE 87505 298
6 ALBUQUERQUE 87105 297
7 ALBUQUERQUE 87114 285
8 ALBUQUERQUE 87120 280
9 ALBUQUERQUE 87109 265
10 ALBUQUERQUE 87123 225
11 SANTA FE 87508 197
12 SANTA FE 87507 193
13 ALBUQUERQUE 87107 191
14 FARMINGTON 87401 174
15 RIO RANCHO 87144 171
16 SANTA FE 87501 161
17 ALBUQUERQUE 87121 148
18 ALBUQUERQUE 87108 147
19 LOS LUNAS 87031 141
20 CLOVIS 88101 134
21 LAS CRUCES 88005 123
22 CARLSBAD 88220 119
23 ALAMOGORDO 88310 119
24 BELEN 87002 118
25 LAS CRUCES 88011 118
26 ALBUQUERQUE 87106 116
27 LAS CRUCES 88001 115
28 LAS CRUCES 88007 111
29 CORRALES 87048 104
30 SILVER CITY 88061 103

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

Find a HECM Housing Counselor Near You

SANTA FE COMMUNITY HOUSING TRUST
1111 AGUA FRIA ST SANTA FE, NM 87501-2467
(505) 989-3960
http://www.housingtrustonline.org

Information for Other States