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 788 179,941,963
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
BANK OF AMERICA 207 45,683,070
LEWALLEN MORTGAGE INC 198 31,867,974
FINANCE OF AMERICA REVERSE LLC 183 41,375,242
PRIMARY RESIDENTIAL MORTGAGE INC 170 33,658,346
QMC HOLDING INC 162 48,678,037
METLIFE BANK NATIONAL ASSOCIATION 138 32,911,910
AKT AMERICAN CAPITAL INC. 111 43,637,510
LEGACY MORTGAGE LLC 100 31,415,946
REVERSE MORTGAGE FUNDING LLC 97 23,559,062
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
STEARNS LENDING INC 81 21,114,141

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 671 157,666,233
A NEW MEXICO REVERSE MORTGAGE OF SOUTHWE 297 72,393,714
ONE REVERSE MORTGAGE LLC 232 50,668,700
LEGACY MORTGAGE LLC 100 31,415,946
REVERSE MORTGAGE FUNDING LLC 97 23,559,062
FINANCE OF AMERICA REVERSE LLC 89 23,914,600
LIBERTY HOME EQUITY SOLUTIONS INC 89 18,772,975
AKT AMERICAN CAPITAL INC. 89 34,442,150
PRIMARY RESIDENTIAL MORTGAGE INC 82 17,546,716
PREMIER CHOICE MORTGAGE 67 13,911,225

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%

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 87106 3,118
2 SANTA FE 87505 805
3 LAS CRUCES 88005 507
4 RIO RANCHO 87124 471
5 FARMINGTON 87401 206
6 ROSWELL 88201 154
7 LOS LUNAS 87031 133
8 CLOVIS 88101 133
9 ALAMOGORDO 88310 117
10 BELEN 87002 116
11 CARLSBAD 88220 113
12 CORRALES 87048 101
13 SILVER CITY 88061 99
14 HOBBS 88240 95
15 DEMING 88030 87
16 TAOS 87571 76
17 BERNALILLO 87004 71
18 LAS VEGAS 87701 58
19 AZTEC 87410 54
20 RUIDOSO 88345 53
21 EDGEWOOD 87015 48
22 PLACITAS 87043 48
23 ESPANOLA 87532 47
24 GALLUP 87301 41
25 TIJERAS 87059 39
26 LOS ALAMOS 87544 37
27 PORTALES 88130 36
28 ALTO 88312 35
29 RATON 87740 35
30 ARTESIA 88210 34

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

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